BRAEMAR HOTELS & RESORTS REDUCES INTEREST COSTS AND EXTENDS MATURITIES WITH REFINANCING OF FIVE HOTELS By Investing.com

DALLAS, Aug. 7, 2024 /PRNewswire/ — Braemar Resorts & Resorts Inc. (NYSE: NYSE:) (“Braemar” or the “Company”) at present introduced that it has closed on a refinancing involving 5 resorts.   The brand new mortgage totals $407 million and has a two-year preliminary time period with three one-year extension choices, topic to the satisfaction of sure circumstances, taking the ultimate maturity to 2029.   The mortgage is curiosity solely and offers for a floating rate of interest of SOFR + 3.24%.  As a part of this financing, the Firm acquired $42.2 million of probably the most junior tranche of the mortgage, which lowered its internet unfold on the $364.8 million remaining mortgage quantity to SOFR + 3.01%.   The mortgage is secured by 5 resorts:   Pier Home Resort & Spa, Bardessono Resort & Spa, Resort Yountville, The Ritz-Carlton Sarasota, and The Ritz-Carlton St. Thomas.   The brand new mortgage refinanced the $80.0 million mortgage secured by the Pier Home Resort & Spa which had an rate of interest of SOFR + 3.60% and had a remaining maturity date in September 2025, the $42.5 million mortgage secured by The Ritz-Carlton St. Thomas which had an rate of interest of SOFR + 4.35% and had a remaining maturity date in August 2026, and the $200.0 million Company Time period Mortgage and Credit score Facility secured by The Ritz-Carlton Sarasota, Resort Yountville, and Bardessono Resort & Spa which had an rate of interest of SOFR + 3.10% and had a remaining maturity date in July 2027.  

“We are pleased to announce the closing of this financing at an attractive spread,” stated Richard J. Stockton, Braemar’s President and Chief Government Officer. “This financing not only results in a lower cost of capital for the debt on these assets, but also improves our maturity schedule and extends our weighted average maturity.”

Braemar Resorts & Resorts is an actual property funding belief (REIT) targeted on investing in luxurious resorts and resorts.

Ahead-Wanting Statements

Sure statements and assumptions on this press launch include or are based mostly upon “forward-looking” info and are being made pursuant to the secure harbor provisions of the Personal Securities Litigation Reform Act of 1995. Ahead-looking statements on this press launch embrace, amongst others, statements concerning the Firm’s technique and future plans. These forward-looking statements are topic to dangers and uncertainties. After we use the phrases “will likely result,” “may,” “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” or related expressions, we intend to establish forward-looking statements. Such statements are topic to quite a few assumptions and uncertainties, a lot of that are outdoors Braemar’s management.

These forward-looking statements are topic to identified and unknown dangers and uncertainties, which might trigger precise outcomes to vary materially from these anticipated, together with, with out limitation: our potential to repay, refinance or restructure our debt and the debt of sure of our subsidiaries; anticipated or anticipated purchases or gross sales of property; our projected working outcomes; completion of any pending transactions; dangers related to our potential to effectuate our dividend coverage, together with elements corresponding to working outcomes and the financial outlook influencing our board’s choice whether or not to pay additional dividends at ranges beforehand disclosed or to make use of out there money to pay dividends; our understanding of our competitors; market tendencies; projected capital expenditures; the impression of expertise on our operations and enterprise; basic volatility of the capital markets and the market value of our frequent inventory and most well-liked inventory; availability, phrases and deployment of capital; availability of certified personnel; adjustments in our business and the markets by which we function, rates of interest or the final financial system; and the diploma and nature of our competitors. These and different danger elements are extra absolutely mentioned in Braemar’s filings with the Securities and Alternate Fee.

The forward-looking statements included on this press launch are solely made as of the date of this press launch. Such forward-looking statements are based mostly on our beliefs, assumptions, and expectations of our future efficiency taking into consideration all info presently identified to us. These beliefs, assumptions, and expectations can change on account of many potential occasions or elements, not all of that are identified to us. If a change happens, our enterprise, monetary situation, liquidity, outcomes of operations, plans, and different goals might differ materially from these expressed in our forward-looking statements. It’s best to rigorously take into account this danger while you make an funding choice regarding our securities. Buyers shouldn’t place undue reliance on these forward-looking statements. The Firm can provide no assurance that these forward-looking statements shall be attained or that any deviation is not going to happen. We aren’t obligated to publicly replace or revise any forward-looking statements, whether or not on account of new info, future occasions or circumstances, adjustments in expectations, or in any other case, besides to the extent required by regulation.