BRAEMAR HOTELS & RESORTS ANNOUNCES REFINANCING OF PARK HYATT BEAVER CREEK RESORT & SPA
DALLAS, February 3, 2022 /PRNewswire/ — Braemar Hotels & Resorts Inc. (NYSE: BHR) (“Braemar” or the “Company”) today announced that it has successfully refinanced its mortgage loan for the 190-room Park Hyatt Beaver Creek Resort & Spa at Beaver Creek, Colorado which had a final maturity date of April 2022. The financing was for the only final maturity of the Company’s debt in 2022.
The new non-recourse loan totals $70.5 million and has an initial two-year term with three one-year extension options, subject to certain conditions being met. The loan bears interest only and provides for a variable interest rate of SOFR + 2.86%.
“Debt capital markets for well-located, well-performing real estate assets are attractive and appear to have returned to previous levels. We are very pleased to be able to refinance this loan at approximately the same interest rate as our previous loan,” said Richard J. StocktonPresident and CEO of Braemar.
Robert Douglasa real estate advisory firm specializing in providing capital solutions to the hospitality industry, assisted Braemar in this transaction.
* * * * *
Braemar Hotels & Resorts is a Real Estate Investment Trust (REIT) focused on investing in luxury hotels and resorts.
Certain statements and assumptions in this press release contain or are based upon “forward-looking” information and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include , among other things, statements about the Company’s strategy and future plans. These forward-looking statements are subject to risks and uncertainties. When we use the words “probably will result”, “may”, “anticipate”, “estimate”, “should”, “expect”, “believe”, “intend”, or similar expressions, we have intent to identify statements. Such statements are subject to numerous assumptions and uncertainties, many of which are beyond Braemar’s control.
These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: the impact of COVID-19, and the rate adoption and effectiveness of vaccines to prevent COVID-19, our business and investment strategy; our ability to repay, refinance or restructure our debt and the debt of certain of our subsidiaries; planned or expected purchases or sales of assets; our projected operating results; the completion of any pending transactions; our understanding of our competition; market trends; projected capital expenditures; the impact of technology on our operations and business; general volatility in financial markets and the market price of our common stock and preferred stock; the availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the markets in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are discussed more fully in Braemar’s filings with the Securities and Exchange Commission.
Forward-looking statements included in this press release speak only as of the date of this press release. These forward-looking statements are based on our beliefs, assumptions and expectations regarding our future performance taking into account all information currently available to us. These beliefs, assumptions and expectations may change due to many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations, plans and other objectives may differ materially from those expressed in our forward-looking statements. You should carefully consider this risk when making an investment decision regarding our securities. Investors should not place undue reliance on these forward-looking statements. The Company cannot guarantee that these forward-looking statements will be achieved or that no deviations will occur. We are under no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations or otherwise, except to the extent required by law. law.
SOURCE Braemar Hotels & Resorts Inc.