Braemar Hotels announces extension of mortgage loan for Ritz-Carlton Sarasota

Braemar Hotels & Resort announced that it has finalized an extension of its $98.0 million mortgage loan for the 276-room The Ritz-Carlton Sarasota. The loan is being extended beyond its original maturity in April 2023 for an additional 6 months with one additional 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 conjunction with this extension, the Company has purchased a SOFR interest rate cap at a strike of 5.25% with an expiry of October 4, 2023. The Company is also working with its lender on an extension or refinancing of its mortgage loans secured by the Hotel Yountville and the Bardessono, which have final maturities in May and August 2023, respectively "We’re pleased to be able to extend this loan for up to an additional year under favorable terms," said Richard J. Stockton, Braemar’s President and Chief Executive Officer. "We look forward to making additional announcements related to our liability management program in due course."