Braemar Hotels & Resorts (BHR) said Monday it has closed on a $363 million refinancing involving five hotels.
The loan has an initial two-year term with three one-year extension options, allowing for potential maturity in 2030, and features a floating interest rate of secured overnight financing rate plus 2.52%.
The refinancing covers The Clancy in San Francisco, The Notary Hotel in Philadelphia, Marriott Seattle Waterfront in Seattle, Sofitel Chicago Magnificent Mile in Chicago, and The Ritz-Carlton Reserve Dorado Beach, Puerto Rico, the company said, adding that the loan reflects a 48.9% loan-to-value ratio, with the properties collectively appraised at $742.2 million.
The new loan refinances a $293.2 million loan secured by The Clancy, The Notary Hotel, Marriott Seattle Waterfront, and Sofitel Chicago Magnificent Mile, which carried an interest rate of SOFR plus 2.66% and was set to mature in June 2025. It also replaces a $62 million loan secured by The Ritz-Carlton Reserve Dorado Beach, which had an interest rate of SOFR plus 4.75% and a maturity date in March 2026, the company said.
Price: 3.02, Change: +0.01, Percent Change: +0.33
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