Braemar Hotels & Resorts has closed on a property-level mortgage financing for the 96-room Ritz-Carlton Reserve Dorado Beach 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 percent.
"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," Braemar President and CEO Richard Stockton said in a statement. "Looking ahead, hotel debt capital markets continue to improve, which we believe will continue to reduce the company's interest expense on future financings."
Braemar Hotels & Resorts is a real estate investment trust focused on investing in luxury hotels and resorts.