DALLAS, May 23, 2018 /PRNewswire/ -- Braemar Hotels
& Resorts Inc. (NYSE: BHR) ("Braemar" or the "Company")
announced today that it has successfully refinanced two mortgage
loans with existing outstanding balances totaling approximately
$358 million. The previous
mortgage loans that were refinanced were the Morgan Stanley Pool
and the GACC Sofitel loans with final maturity dates in
February 2024 and March 2019, respectively. The new loan
totals $435 million and has a
two-year initial term with five one-year extension options, subject
to the satisfaction of certain conditions. The loan is
interest only and provides for a floating interest rate of LIBOR +
2.16%. The loan is secured by four hotels: Seattle
Marriott Waterfront, San Francisco Courtyard Downtown, Philadelphia
Courtyard Downtown and Sofitel Chicago Magnificent Mile.
Additionally, as part of this financing, the allocated loan balance
associated with the Renaissance Tampa International Plaza as part
of the Morgan Stanley Pool was paid off at closing and that
property is now unencumbered. The next hard debt maturity for
the Company is in March 2020.
"We are pleased to close this refinancing which addressed our
only 2019 debt maturity," said Richard J.
Stockton, Braemar's President and Chief Executive Officer.
"This increased financial flexibility meaningfully improves our
liquidity position and lowers our average interest rate."
Braemar Hotels & Resorts is a real estate investment trust
(REIT) focused on investing in luxury hotels and resorts.
Ashford has created an Ashford App for the hospitality REIT
investor community. The Ashford App is available for free
download at Apple's App Store and
the Google Play Store by searching "Ashford."
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. 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: timing of closing of the transaction and
satisfaction of conditions to closing, general volatility of the
capital markets and the market price of our common stock; changes
in our business or investment strategy; availability, terms and
deployment of capital; availability of qualified personnel; changes
in our industry and the market 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. Investors
should not place undue reliance on these forward-looking
statements. 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.
View original
content:http://www.prnewswire.com/news-releases/braemar-hotels--resorts-completes-435-million-refinancing-of-two-mortgage-loans-300653884.html
SOURCE Braemar Hotels & Resorts, Inc.