BRAEMAR HOTELS & RESORTS ANNOUNCES REFINANCING OF FOUR SEASONS RESORT SCOTTSDALE
Braemar Hotels & Resorts (NYSE:BHR) has successfully refinanced its Four Seasons Resort Scottsdale at Troon North property with a new $180 million non-recourse loan from Aareal Capital Corporation. The new financing replaces the previous $140 million loan and features improved terms, including a reduced interest rate of SOFR + 3.00% compared to the previous SOFR + 3.75%.
The new loan structure includes a three-year initial term with two one-year extension options, subject to certain conditions. This refinancing enhances Braemar's liquidity position while reducing its cost of debt at a higher loan-to-value ratio, reflecting improving credit market conditions for lodging assets.
Braemar Hotels & Resorts (NYSE:BHR) ha rifinanziato con successo il Four Seasons Resort Scottsdale at Troon North ottenendo un nuovo prestito non ricorrente da 180 milioni di dollari da Aareal Capital Corporation. Il nuovo finanziamento sostituisce il precedente prestito da 140 milioni di dollari e offre condizioni migliorative, tra cui un tasso d'interesse ridotto a SOFR + 3,00% rispetto al precedente SOFR + 3,75%.
La struttura del nuovo prestito prevede un termine iniziale di tre anni con due opzioni di estensione di un anno ciascuna, soggette a determinate condizioni. Questo rifinanziamento rafforza la posizione di liquidità di Braemar riducendo il costo del debito e consentendo un rapporto loan-to-value più elevato, a riflesso del miglioramento delle condizioni del mercato del credito per gli asset alberghieri.
Braemar Hotels & Resorts (NYSE:BHR) ha refinanciado con éxito su propiedad Four Seasons Resort Scottsdale at Troon North con un nuevo préstamo sin recurso de 180 millones de dólares otorgado por Aareal Capital Corporation. El nuevo financiamiento reemplaza el anterior préstamo de 140 millones de dólares y presenta condiciones mejoradas, incluyendo una tasa de interés reducida de SOFR + 3,00% frente al previo SOFR + 3,75%.
La nueva estructura del préstamo incluye un plazo inicial de tres años con dos opciones de extensión de un año cada una, sujetas a determinadas condiciones. Este refinanciamiento mejora la posición de liquidez de Braemar y reduce su coste de deuda con un mayor ratio loan-to-value, reflejando una mejora en las condiciones del mercado crediticio para activos hoteleros.
Braemar Hotels & Resorts (NYSE:BHR)는 Aareal Capital Corporation으로부터 새로운 1억 8천만 달러 비소구 대출을 받아 Four Seasons Resort Scottsdale at Troon North 자산을 성공적으로 재융자했습니다. 이번 신규 자금은 이전의 1억 4천만 달러 대출을 대체하며, 기존 SOFR + 3.75% 대비 SOFR + 3.00%로 금리가 낮아지는 등 개선된 조건을 제공합니다.
신규 대출 구조는 특정 조건을 전제로 하는 3년 초기 만기와 1년 연장 옵션 두 차례를 포함합니다. 이번 재융자는 Braemar의 유동성 위치를 강화하고 부채 비용을 낮추며, 담보대출비율(loan-to-value)이 높은 상황에서도 호텔 자산에 대한 신용 시장 여건이 개선되고 있음을 반영합니다.
Braemar Hotels & Resorts (NYSE:BHR) a refinancé avec succès son établissement Four Seasons Resort Scottsdale at Troon North grâce à un nouveau prêt non recours de 180 millions de dollars accordé par Aareal Capital Corporation. Ce nouveau financement remplace le précédent prêt de 140 millions de dollars et présente des conditions améliorées, dont un taux d'intérêt réduit à SOFR + 3,00% contre SOFR + 3,75% auparavant.
La nouvelle structure de prêt comprend une durée initiale de trois ans avec deux options de prolongation d'un an chacune, sous réserve de certaines conditions. Ce refinancement renforce la liquidité de Braemar tout en réduisant son coût de la dette et en acceptant un ratio loan-to-value plus élevé, reflétant l'amélioration des conditions du marché du crédit pour les actifs hôteliers.
Braemar Hotels & Resorts (NYSE:BHR) hat sein Four Seasons Resort Scottsdale at Troon North erfolgreich mit einem neuen 180 Millionen US-Dollar Non-Recourse-Darlehen von Aareal Capital Corporation refinanziert. Die neue Finanzierung ersetzt das vorherige 140-Millionen-Dollar-Darlehen und bietet verbesserte Konditionen, darunter einen niedrigeren Zinssatz von SOFR + 3,00% gegenüber zuvor SOFR + 3,75%.
Die Struktur des neuen Darlehens sieht eine drei-jährige Anfangslaufzeit mit zwei jeweils einjährigen Verlängerungsoptionen vor, vorbehaltlich bestimmter Bedingungen. Diese Refinanzierung stärkt Braemars Liquiditätslage und senkt die Fremdkapitalkosten bei einem höheren Loan-to-Value-Verhältnis, was die sich verbessernden Kreditmarktbedingungen für Hotelimmobilien widerspiegelt.
- None.
- Floating rate exposure remains on the debt
- Extension options subject to satisfaction of certain conditions
Insights
Braemar's refinancing improves liquidity, lowers interest costs, and signals improving hospitality credit markets.
Braemar Hotels & Resorts has executed a strategic refinancing of its Four Seasons Resort Scottsdale property that significantly strengthens its financial position. The new
This transaction delivers three key benefits: First, the
Particularly noteworthy is management's commentary about this transaction evidencing an "improving credit market for lodging assets." This signals a potential thawing in hospitality financing that has been challenging in recent years. For a specialized luxury REIT like Braemar, improved credit market conditions could facilitate additional refinancing opportunities across its portfolio and potentially support strategic acquisitions. The transaction demonstrates management's proactive approach to capital structure optimization in what remains a complex interest rate environment for real estate companies.
The new non-recourse loan has a balance of
"We are pleased to announce the successful refinancing of our Four Seasons Scottsdale property," commented Richard Stockton, Braemar's president and chief executive officer. "This flexible financing significantly enhances our liquidity while also lowering our cost of debt at a higher loan to value." He continued, "This transaction is further evidence of the improving credit market for lodging assets."
Braemar Hotels & Resorts Inc. is a real estate investment trust (REIT) focused on investing primarily in luxury hotels and resorts.
Forward-Looking Statements
Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being 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 others, statements about the Company's strategy and future plans. These forward-looking statements are subject to risks and uncertainties. When we use the words "will likely result," "may," "anticipate," "estimate," "should," "expect," "believe," "intend," or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside 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: our ability to repay, refinance or restructure our debt and the debt of certain of our subsidiaries; anticipated or expected purchases or sales of assets; our projected operating results; completion of any pending transactions; risks associated with our ability to effectuate our dividend policy, including factors such as operating results and the economic outlook influencing our board's decision whether to pay further dividends at levels previously disclosed or to use available cash to pay dividends; our understanding of our competition; market trends; projected capital expenditures; the impact of technology on our operations and business; general volatility of the capital markets and the market price of our common stock and preferred stock; 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 more fully discussed in Braemar's filings with the Securities and Exchange Commission.
The forward-looking statements included in this press release are only made as of the date of this press release. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of 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 vary materially from those expressed in our forward-looking statements. You should carefully consider this risk when you make an investment decision concerning our securities. Investors should not place undue reliance on these forward-looking statements. The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur. We are not obligated 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.
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SOURCE Braemar Hotels & Resorts Inc.
FAQ
What are the terms of Braemar Hotels' (BHR) new Four Seasons Scottsdale refinancing?
How much did Braemar Hotels (BHR) improve its interest rate in the Four Seasons refinancing?
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What is the difference between the old and new loan amount for BHR's Four Seasons Scottsdale?
When does Braemar's new Four Seasons Scottsdale loan mature?
