Braemar Hotels & Resorts refinances Ritz-Carlton Lake Tahoe with $60 million loan
BHR•Braemar Hotels & Resorts refinanced the mortgage on its 170-room Ritz-Carlton Lake Tahoe hotel with a $60 million loan, with another $15 million available for future draws subject to conditions. The loan lowers the floating rate to SOFR + 2.65% from SOFR + 3.25% and replaces a $43.4 million mortgage due in January 2027.
1. Refinancing details
Braemar Hotels & Resorts refinanced the mortgage on its 170-room Ritz-Carlton Lake Tahoe hotel with a $60 million loan. An additional $15 million is available for future draws, subject to conditions.
2. Loan terms
The refinancing replaces a $43.4 million outstanding mortgage due in January 2027. The floating interest rate falls to SOFR + 2.65% from SOFR + 3.25%. The three-year loan includes two one-year extension options, and the company's next hard debt maturity is December 2028.
