Luxury hotel and resort real estate investment trust Braemar Hotels & Resorts Inc. secured a new $435 million loan, which it used to refinance two mortgage loans with an existing outstanding balance of about $358 million.
The Morgan Stanley Pool and the GACC Sofitel mortgage loans were due to mature in February 2024 and March 2019, respectively.
The new interest-only loan carries a floating interest rate of 2.16% plus the London Interbank Offered Rate and has an initial term of two years with five one-year extension options.
The new loan is secured by four hotels: the Seattle Marriott Waterfront, the San Francisco Courtyard Downtown, the Philadelphia Courtyard Downtown and the Sofitel Chicago Magnificent Mile.
The company also paid off the loan in the Morgan Stanley Pool related to the Renaissance-Tampa International Plaza hotel, which it recently agreed to sell, making the property unencumbered.
