Braemar Hotels & Resorts Inc. announced on January 15, 2025, the successful extension of its mortgage loan secured by the 170-room Ritz-Carlton Lake Tahoe. The loan's initial maturity date in January 2025 has been extended to a final maturity date in January 2026.
The extension included a $10 million paydown on the loan, demonstrating proactive debt management. Furthermore, the spread on the loan has been reduced to SOFR + 3.25%, which lowers the cost of capital for this asset.
This transaction improves the company's debt maturity schedule and reflects an improving hotel lending market. The Ritz-Carlton Lake Tahoe is a key luxury property within Braemar's portfolio, and its stable financing contributes to overall financial flexibility.
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