Braemar Hotels & Resorts Inc. has successfully refinanced the existing mortgage loan secured by the Four Seasons Resort Scottsdale at Troon North. The previous loan had a balance of $140 million with an interest rate of SOFR + 3.75% and a final maturity in December 2028.
The new non-recourse loan has a balance of $180 million and bears interest at a floating rate of SOFR + 3.00%. The lender is Aareal Capital Corporation. The new loan has a three-year initial term with two, one-year extension options, subject to the satisfaction of certain conditions.
“We are pleased to announce the successful refinancing of our Four Seasons Scottsdale property,” said Richard Stockton, president/CEO, Braemar. “This flexible financing significantly enhances our liquidity while also lowering our cost of debt at a higher loan to value. This transaction is further evidence of the improving credit market for lodging assets.”
