Braemar Hotels & Resorts Inc., a real estate investment trust (REIT) focused on investing in luxury hotels and resorts, has closed on a property-level mortgage financing for the 96-room Dorado Beach, a Ritz-Carlton Reserve in Dorado, Puerto Rico.
The $62-million, non-recourse loan has a two-year term. The loan is interest only and provides for a floating interest rate of SOFR + 4.75%.
“We are pleased to capitalize on the current favorable conditions in the lending markets to secure this attractive financing of the iconic Ritz-Carlton Reserve Dorado Beach,” said Richard J. Stockton, president/CEO, Braemar Hotels & Resorts. “Looking ahead, hotel debt capital markets continue to improve, which we believe will continue to reduce the company’s interest expense on future financings.”
