LOS ANGELES—RobertDouglas advised Braemar Hotels & Resorts Inc. in refinancing its existing CMBS loan for the 190-room Park Hyatt Beaver Creek Resort & Spa in Beaver Creek, Colorado with a bank lender.
The non-recourse loan totals $70.5 million and has a two-year initial term with three one-year extension options, subject to the satisfaction of certain conditions. The loan is interest-only and provides for a floating interest rate of SOFR plus 2.86 percent.
At the base of Beaver Creek Mountain, the hotel offers ski-in/ski-out convenience, health and fitness amenities, a full-service spa, and dining experiences. Just a two-hour drive away from Denver, Beaver Creek is positioned as a family-oriented ski destination.
Stephen O’Connor, principal and managing director, said, “The drive-to leisure market orientation attracted strong interest from institutional lenders to the Park Hyatt Beaver Creek Resort & Spa financing. We are encouraged by the increasingly competitive terms offered by capital providers seeking to lend to the hospitality sector, especially for irreplaceable, best-in-class assets with strong cash flow.”