BHR - Braemar extends $435M mortgage loan for four hotels
2023-06-13 17:04:10 ET
- Braemar Hotels & Resorts ( NYSE: BHR ) said Tuesday it has extended the maturity of its $435M mortgage loan secured by four properties: The Notary Hotel, The Clancy, Sofitel Chicago Magnificent Mile, and Marriott Seattle Waterfront.
- The loan is being pushed beyond its original initial maturity in June 2023 for an additional twelve months, it said.
- In conjunction with the extension, the lodging REIT paid down $142M of the loan utilizing corporate cash on hand, which reduced the balance to around $293M.It also bought an interest rate cap through June 2024 with a strike rate of 4.69%.
- "We continue to make solid progress addressing loan maturities and look forward to making additional announcements related to our liability management program in due course," said Braemar President and CEO Richard J. Stockton.
- In April, Braemar finalized an extension of its $51.0M mortgage loan for the 80-room Hotel Yountville.
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Braemar extends $435M mortgage loan for four hotels