DALLAS, April 10, 2023 /PRNewswire/ — Braemar Hotels & Resorts Inc. (NYSE: BHR) (“Braemar” or the “Company”) revealed that it has actually completed an extension of its $98.0 million mortgage for the 276-room The Ritz-Carlton Sarasota. The loan is being extended beyond its initial maturity in April 2023 for an extra 6 months with one extra 6-month extension available. As extended, The Ritz-Carlton Sarasota loan will have a rate of SOFR + 2.65% that will reset to SOFR + 3.50% on June 1, 2023. In combination with this extension, the Company has actually bought a SOFR rate of interest cap at a strike of 5.25% with an expiration of October 4, 2023. The Company is likewise dealing with its loan provider on an extension or refinancing of its mortgage protected by the Hotel Yountville and the Bardessono, which have last maturities in May and August 2023, respectively.
“We’re happy to be able to extend this loan for as much as an extra year under favorable terms,” said Richard J. Stockton, Braemar’s President and Chief Executive Officer. “We eagerly anticipate making extra statements connected to our liability management program in due course.”
Braemar Hotels & Resorts is a property financial investment trust (REIT) concentrated on purchasing high-end hotels and resorts.
Forward-Looking Statements
Certain declarations and presumptions in this news release consist of or are based upon “positive” info and are being made pursuant to the safe harbor arrangements of the Private Securities Litigation Reform Act of 1995. Forward-looking declarations in this news release consist of, to name a few, declarations about the Company’s technique and future strategies. These positive declarations go through threats and unpredictabilities. When we utilize the words “will likely result,” “may,” “prepare for,” “quote,” “should,” “anticipate,” “think,” “plan,” or comparable expressions, we plan to determine positive declarations. Such declarations go through many presumptions and unpredictabilities, a lot of which are outdoors Braemar’s control.
These positive declarations go through recognized and unidentified threats and unpredictabilities, which might trigger real outcomes to vary materially from those prepared for, consisting of, without restriction: our capability to pay back, re-finance or reorganize our financial obligation and the financial obligation of specific of our subsidiaries; prepared for or anticipated purchases or sales of possessions; our forecasted operating outcomes; conclusion of any pending deals; threats connected with our capability to effectuate our dividend policy, consisting of elements such as running outcomes and the financial outlook affecting our board’s choice whether to pay more dividends at levels formerly revealed or to utilize available money to pay dividends; our understanding of our competitors; market patterns; forecasted capital investment; the effect of innovation on our operations and business; basic volatility of the capital markets and the marketplace rate of our typical stock and favored stock; schedule, terms and release of capital; schedule of certified workers; modifications in our market and the marketplaces in which we run, rate of interest or the basic economy; and the degree and nature of our competitors. These and other threat elements are more completely talked about in Braemar’s filings with the Securities and Exchange Commission.
The positive declarations consisted of in this news release are just made since the date of this news release. Such positive declarations are based upon our beliefs, presumptions, and expectations of our future efficiency taking into consideration all info presently understood to us. These beliefs, presumptions, and expectations can alter as an outcome of lots of possible occasions or elements, not all of which are understood to us. If a modification takes place, our business, monetary condition, liquidity, outcomes of operations, strategies, and other goals might differ materially from those revealed in our positive declarations. You must thoroughly consider this threat when you make a financial investment choice worrying our securities. Investors must not put unnecessary dependence on these positive declarations. The Company can offer no guarantee that these positive declarations will be achieved or that any variance will not take place. We are not bound to openly update or modify any positive declarations, whether as an outcome of brand-new info, future occasions or scenarios, modifications in expectations, or otherwise, other than to the level needed by law.
SOURCE Braemar Hotels & Resorts Inc.
