Braemar Hotels & Resorts Inc. (NYSE: BHR) has successfully refinanced the mortgage loan for Four Seasons Resort Scottsdale at Troon North.
The new non-recourse loan with Aareal Capital Corporation has a balance of $180 million and bears interest at a floating rate of SOFR + 3.00%.
This refinancing enhances liquidity and reduces debt cost for Braemar.
Refinancing Success
Braemar announced the successful refinancing, securing a new loan with improved terms.
Increased Loan Balance
The new loan balance is $180 million, higher than the previous $140 million.
Lower Interest Rate
The new loan interest rate is SOFR + 3.00%, lower than the previous 3.75%.
Flexible Financing
The three-year initial term with extension options adds flexibility to the financing structure.
- The refinancing demonstrates Braemar's proactive approach to managing debt and enhancing financial stability.
- Lowering the cost of debt and increasing liquidity can improve Braemar's financial position and flexibility in the current market environment.
The successful refinancing of Four Seasons Resort Scottsdale highlights Braemar's commitment to optimizing its financial strategies and strengthening its position in the luxury hotels and resorts sector.