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

DALLAS, Aug. 7, 2024 /PRNewswire/ — Braemar Inns & Resorts Inc. (NYSE: NYSE:) (“Braemar” or the “Company”) as we speak introduced that it has closed on a refinancing involving 5 inns.   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 essentially the most junior tranche of the mortgage, which lowered its web unfold on the $364.8 million remaining mortgage quantity to SOFR + 3.01%.   The mortgage is secured by 5 inns:   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 last 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 last 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 last maturity date in July 2027.  

“We are pleased to announce the closing of this financing at an attractive spread,” mentioned Richard J. Stockton, Braemar’s President and Chief Govt 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 Inns & Resorts is an actual property funding belief (REIT) centered on investing in luxurious inns and resorts.

Ahead-Trying Statements

Sure statements and assumptions on this press launch include or are primarily based upon “forward-looking” info and are being made pursuant to the protected 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 determine forward-looking statements. Such statements are topic to quite a few assumptions and uncertainties, lots of that are outdoors Braemar’s management.

These forward-looking statements are topic to recognized and unknown dangers and uncertainties, which may trigger precise outcomes to vary materially from these anticipated, together with, with out limitation: our capacity 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 capacity to effectuate our dividend coverage, together with elements resembling working outcomes and the financial outlook influencing our board’s determination whether or not to pay additional dividends at ranges beforehand disclosed or to make use of obtainable money to pay dividends; our understanding of our competitors; market developments; projected capital expenditures; the impression of know-how on our operations and enterprise; common volatility of the capital markets and the market value of our widespread inventory and most well-liked inventory; availability, phrases and deployment of capital; availability of certified personnel; adjustments in our business and the markets through which we function, rates of interest or the final financial system; and the diploma and nature of our competitors. These and different threat elements are extra totally mentioned in Braemar’s filings with the Securities and Change 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 primarily based on our beliefs, assumptions, and expectations of our future efficiency making an allowance for all info at the moment recognized to us. These beliefs, assumptions, and expectations can change because of many potential occasions or elements, not all of that are recognized to us. If a change happens, our enterprise, monetary situation, liquidity, outcomes of operations, plans, and different goals could differ materially from these expressed in our forward-looking statements. It is best to fastidiously contemplate this threat if you make an funding determination regarding our securities. Traders shouldn’t place undue reliance on these forward-looking statements. The Firm can provide no assurance that these forward-looking statements can be attained or that any deviation won’t happen. We aren’t obligated to publicly replace or revise any forward-looking statements, whether or not because of new info, future occasions or circumstances, adjustments in expectations, or in any other case, besides to the extent required by regulation.