Monday, March 11, 2024
Braemar Hotels & Resorts Inc. operating under the name Braemar, has recently finalized property-level mortgage financing for the luxurious 96-room Ritz-Carlton Reserve Dorado Beach in Dorado, Puerto Rico. This marks a significant milestone for the company as it continues to expand its portfolio in the hospitality industry.
The $62 million non-recourse loan, secured by Braemar, has been structured with a two-year term. Notably, this financing arrangement is interest-only, providing flexibility in managing financial obligations. Moreover, the loan features a floating interest rate of SOFR + 4.75%, reflecting the current market conditions and ensuring competitive terms for Braemar.
“We are pleased to capitalize on the current favorable conditions in the lending markets to secure this attractive financing of the iconic Ritz-Carlton Reserve Dorado Beach,” said Richard J. Stockton, Braemar’s President and Chief Executive Officer. He continued, “Looking ahead, hotel debt capital markets continue to improve, which we believe will continue to reduce the Company’s interest expense on future financings.”
Braemar Hotels & Resorts is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts.
This strategic move underscores Braemar’s commitment to prudent financial management and growth opportunities. By securing favorable financing for the Ritz-Carlton Reserve Dorado Beach property, Braemar aims to enhance its position in the upscale hospitality market while maximizing returns for its stakeholders.
Overall, Braemar’s successful closure of the property-level mortgage financing underscores its confidence in the long-term viability and profitability of the Ritz-Carlton Reserve Dorado Beach. This initiative aligns with Braemar’s overarching goal of delivering exceptional guest experiences and generating sustainable value for its investors in the dynamic hospitality sector.
Sunday, April 28, 2024
Sunday, April 28, 2024
Sunday, April 28, 2024
