US: Braemar Hotels & Resorts has secured a mortgage loan for the Four Seasons Resort Scottsdale with plans to pay off a more expensive loan.
The non-recourse loan of £100 million has a three-year initial term with two one-year extension options, subject to conditions.
Braemar intends to use the majority of the proceeds from the loan to pay off a more expensive one secured by the Ritz-Carlton Reserve Dorado Beach.
“We are very excited about our recent acquisition of the Four Seasons Resort in Scottsdale and are pleased to be able to finance this asset on favourable terms given the current volatility in the capital markets,” said Richard J. Stockton, Braemar’s president and CEO. “With this attractive new financing, we are able to reduce our weighted average interest rate across our borrowings by paying off a more expensive loan.”
Robert Douglas, a real estate advisory firm, assisted Braemar with this transaction.
Braemar Hotels & Resorts is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts.