BRAEMAR HOTELS & RESORTS REDUCES INTEREST COSTS AND EXTENDS MATURITIES WITH REFINANCING OF FIVE HOTELS

Core Viewpoint - Braemar Hotels & Resorts Inc. has successfully closed a refinancing deal involving five hotels, resulting in a new loan of $407 million with improved terms and lower interest rates [1][2]. Financing Details - The new loan has a two-year initial term with three one-year extension options, potentially extending maturity to 2029 [1]. - The loan is interest-only with a floating interest rate of SOFR + 3.24%, which is reduced to SOFR + 3.01% after acquiring $42.2 million of the most junior tranche [1]. - The refinancing replaces previous loans totaling $322.5 million, which had higher interest rates ranging from SOFR + 3.10% to SOFR + 4.35% and various maturity dates from 2025 to 2027 [1]. Company Overview - Braemar Hotels & Resorts is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts [2].