Braemar Hotels & Resorts Inc. (NYSE: BHR), also known as “Braemar” or the “Company,” has successfully managed to refinance or extend the majority of its debt maturing in 2024. The Company has dealt with approximately $300 million of its $330 million debt due in 2024 through the following measures:

• A new $110.6 million mortgage loan was secured for the 550-room Capital Hilton in Washington, D.C., through Aareal Capital Corporation. This loan, which matures initially in December 2026 and offers two one-year extension options under certain conditions, is subject to a floating interest rate of SOFR + 3.75%. Braemar retains a 75% equity interest in the joint venture owning this property (the “Hilton JV”).
• The Hilton La Jolla Torrey Pines is still under its original mortgage, which has been reduced to a new balance of $66.6 million. As the Company evaluates its options for refinancing or possibly selling this asset, the lender has agreed to a six-month forbearance period with a fixed annual interest rate of 9.0%. This asset is also owned by the Hilton JV.
• The loan for the 142-room Pier House Resort & Spa in Key West, Florida, has been extended, now maturing in September 2025 with an option for a one-year extension, given certain conditions are met. The loan amount remains at $80.0 million, with a floating interest rate of SOFR + 3.60%.
• Additionally, the loan for the 180-room Ritz-Carlton St. Thomas in St. Thomas, USVI, has been extended to August 2025, with a one-year extension option available under specific conditions. This loan also maintains its balance of $42.5 million, with a floating interest rate of SOFR + 4.35%.

“We are pleased to have addressed these near-term debt maturities, as the hotel debt capital markets continue to improve,” Richard Stockton, President & CEO of Braemar Hotels & Resorts announced. He continued, “With the Company’s available liquidity, we plan to fully repay the remaining $30.0 million loan associated with the Cameo Beverly Hills. We expect a more favorable refinancing environment going forward, which will continue to reduce the Company’s interest expense on these and other future refinancings.”

Braemar Hotels & Resorts is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts.

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