DALLAS, Jan. 15,
2025 /PRNewswire/ -- Braemar Hotels & Resorts
Inc. (NYSE: BHR) ("Braemar" or the "Company") announced today that
it has successfully extended its mortgage loan secured by the
170-room Ritz-Carlton Lake Tahoe. The loan had an initial maturity
date in January of 2025 and continues to have a final maturity date
in January of 2026. The loan has been extended with a paydown of
$10 million and the spread on the
loan is now SOFR + 3.25%.
"We are pleased to announce the extension of this loan and the
lower spread," commented Richard
Stockton, Braemar's President and Chief Executive Officer.
"We are also in active discussions with lenders regarding our
$293.2 million loan which has a
maturity date in June of this year. The hotel lending market
continues to improve, and we are optimistic about the prospects for
improved financing conditions going forward."
Braemar Hotels & Resorts is a real estate investment trust
(REIT) focused on investing in luxury hotels and resorts.
Forward-Looking Statements
Certain statements and assumptions in this press release
contain or are based upon "forward-looking" information and are
being made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements in this press release include, among others, statements
about the Company's strategy and future plans. These
forward-looking statements are subject to risks and uncertainties.
When we use the words "will likely result," "may," "anticipate,"
"estimate," "should," "expect," "believe," "intend," or similar
expressions, we intend to identify forward-looking statements. Such
statements are subject to numerous assumptions and uncertainties,
many of which are outside Braemar's control.
These forward-looking statements are subject to known and
unknown risks and uncertainties, which could cause actual results
to differ materially from those anticipated, including, without
limitation: our ability to repay, refinance or restructure our debt
and the debt of certain of our subsidiaries; anticipated or
expected purchases or sales of assets; our projected operating
results; completion of any pending transactions; risks associated
with our ability to effectuate our dividend policy, including
factors such as operating results and the economic outlook
influencing our board's decision whether to pay further dividends
at levels previously disclosed or to use available cash to pay
dividends; our understanding of our competition; market trends;
projected capital expenditures; the impact of technology on our
operations and business; general volatility of the capital markets
and the market price of our common stock and preferred stock;
availability, terms and deployment of capital; availability of
qualified personnel; changes in our industry and the markets in
which we operate, interest rates or the general economy; and the
degree and nature of our competition. These and other risk factors
are more fully discussed in Braemar's filings with the Securities
and Exchange Commission.
The forward-looking statements included in this press release
are only made as of the date of this press release. Such
forward-looking statements are based on our beliefs, assumptions,
and expectations of our future performance taking into account all
information currently known to us. These beliefs, assumptions, and
expectations can change as a result of many potential events or
factors, not all of which are known to us. If a change occurs, our
business, financial condition, liquidity, results of operations,
plans, and other objectives may vary materially from those
expressed in our forward-looking statements. You should carefully
consider this risk when you make an investment decision concerning
our securities. Investors should not place undue reliance on these
forward-looking statements. The Company can give no assurance that
these forward-looking statements will be attained or that any
deviation will not occur. We are not obligated to publicly update
or revise any forward-looking statements, whether as a result of
new information, future events or circumstances, changes in
expectations, or otherwise, except to the extent required by
law.
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SOURCE Braemar Hotels & Resorts, Inc.
