Braemar Hotels secures $60M Lake Tahoe refinancing
The earnout facility of up to $15 million requires no continuing event of default, qualifying debt yield and, if required, a loan-to-value ratio no greater than 55%.
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Rhea-AI Filing Summary
Braemar Hotels & Resorts Inc. (BHR), through subsidiary BHR Tahoe LP, entered into a loan agreement with Western Alliance Bank to refinance existing debt on The Ritz-Carlton, Lake Tahoe. The loan provides $60 million at closing and an earnout facility of up to $15 million, for a total potential amount of $75 million. It is secured by first-priority mortgages on the hotel and Lake Club, plus liens on the borrower’s and hotel lessee’s tangible and intangible personal property.
The initial maturity is October 30, 2029, with two one-year extension options subject to conditions, taking final maturity to October 30, 2031. Interest is floating at one-month Term SOFR plus 2.65%, subject to a 5.30% floor except where the applicable balance is covered by a qualifying interest rate swap. Payments are interest-only before October 30, 2029; afterward, monthly principal and interest are based on a 25-year amortization period, with the remaining balance due at maturity. Earnout advances are subject to conditions including no continuing event of default, debt yield of at least 11.5% for two consecutive fiscal quarters and, if required by the lender, a loan-to-value ratio no greater than 55%. The company said its next hard debt maturity is December 2028.
Filing Explained
The refinanced mortgage had
8-K Event Classification
Key Figures
Key Terms
earnout facility financial
debt yield financial
loan-to-value ratio financial
Term SOFR financial
25-year amortization period financial
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much is BHR's new Lake Tahoe loan?
What debt did BHR refinance at The Ritz-Carlton, Lake Tahoe?
What is the interest rate and repayment schedule on BHR's new loan?
What are the conditions for BHR's earnout advances?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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Item 7.01 Regulation FD Disclosure.
On October 30, 2026, BHR Tahoe LP, a subsidiary of Braemar Hotels & Resorts Inc. (the “Company”), entered into a loan agreement with Western Alliance Bank, an Arizona corporation, to refinance existing debt relating to The Ritz-Carlton, Lake Tahoe. The loan provides for a $60 million term loan at closing and an earnout facility of up to $15 million, for a total potential loan amount of $75 million. The loan is secured by first-priority mortgages on The Ritz-Carlton, Lake Tahoe and its Lake Club, together with first-priority liens on the borrower’s and the related hotel lessee’s tangible and intangible personal property. The loan has an initial maturity date of October 30, 2029, with two one-year extension options, subject to the satisfaction of certain conditions, taking the final maturity to October 30, 2031. The loan bears interest at a floating rate equal to one-month Term SOFR plus 2.65%, subject to a 5.30% interest rate floor, except where the applicable outstanding balance is covered by a qualifying interest rate swap as provided in the loan agreement. Monthly payments are interest only prior to October 30, 2029, after which monthly payments of principal and interest are required based on a 25-year amortization period, with the remaining outstanding balance due at maturity. The earnout facility permits up to two advances, with the first advance required to be at least $7.5 million, subject to specified conditions, including no continuing event of default, a debt yield of at least 11.5% for two consecutive fiscal quarters after giving effect to the requested advance and, if required by the lender, a loan-to-value ratio of no greater than 55%. Earnout advances may be requested until six months before the applicable maturity date.
A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The information in this Form 8-K and Exhibits attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits
| Exhibit Number |
Exhibit Description |
| 99.1 | Press Release of the Company, dated November 3, 2026 |
| 104 | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BRAEMAR HOTELS & RESORTS INC. | ||
| Dated: November 3, 2026 | By: | /s/ Jim Plohg |
| Jim Plohg | ||
| Executive Vice President, General Counsel & Secretary | ||
Exhibit 99.1
 |
NEWS RELEASE |
| Contact: | Justin Coe | Joe Calabrese | |
| Chief Accounting Officer | Financial Relations Board | ||
| (972) 490-9600 | (212) 827-3772 |
BRAEMAR HOTELS & RESORTS ANNOUNCES REFINANCING OF THE RITZ-CARLTON LAKE TAHOE
DALLAS, November 3, 2026 – Braemar Hotels & Resorts Inc. (NYSE: BHR) (“Braemar” or the “Company”) announced today that it has successfully refinanced its mortgage loan for the 170-room Ritz-Carlton Lake Tahoe in Truckee, California, which had an existing outstanding balance of $43.4 million, a floating interest rate of SOFR + 3.25% and a final maturity date in January 2027. The new loan totals $60.0 million with an additional $15.0 million available to be drawn in the future subject to certain conditions, has a three-year initial term with two one-year extension options and provides for a floating interest rate of SOFR + 2.65%. With this financing now in place, the Company’s next hard debt maturity is not until December 2028.
“We are pleased with the execution of this refinancing, which extends the debt maturity on one of our premier luxury assets and capitalizes on tighter interest rate spreads in the market,” said Richard J. Stockton, President and Chief Executive Officer.
About Braemar Hotels & Resorts
Braemar Hotels & Resorts Inc. (NYSE: BHR) is a real estate investment trust (REIT) focused on the high-growth luxury hotel and resort sector. Its industry-leading portfolio features luxury properties across the United States and the U.S. territories in the Caribbean.
Braemar Hotels & Resorts Announces Refinancing of Ritz-Carlton Lake Tahoe
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November 3, 2026
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 federal securities regulations. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "may," "will," "should," "potential," "intend," "expect," "anticipate," "estimate," "approximately," "believe," "could," "project," "predict," or other similar words or expressions. Additionally, statements regarding the following subjects are forward-looking by their nature: our business and investment strategy; anticipated or expected purchases, sales or dispositions of assets; our projected operating results; completion of any pending transactions; our ability to restructure existing property-level indebtedness; our ability to secure additional financing to enable us to operate our business; our understanding of our competition; projected capital expenditures; and the impact of technology on our operations and business. 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. These and other risk factors are more fully discussed in the Company's filings with the SEC.
The forward-looking statements included in this press release are only made as of the date of this press release. Investors should not place undue reliance on these forward-looking statements. We will not 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.