Hospitality banking investment team RobertDouglas advised Braemar Hotels & Resorts Inc. in refinancing its existing commercial mortgage-backed securities loan for the 190-room Park Hyatt Beaver Creek Resort & Spa in Beaver Creek, Colo., with a bank lender.
The new, non-recourse loan totals $70.5 million and has a two-year initial term with three, one-year extension options, subject to the satisfaction of certain conditions.
Situated at the base of Beaver Creek Mountain, the ski-in/ski-out Park Hyatt Beaver Creek Resort & Spa has health and fitness amenities, a spa and restaurants. The property is a two-hour drive away from Denver.
“The drive-to leisure market orientation attracted strong interest from institutional lenders to the Park Hyatt Beaver Creek Resort & Spa financing," said Stephen O’Connor, principal and managing director at RobertDouglas, in a statement. "We are encouraged by the increasingly competitive terms offered by capital providers seeking to lend to the hospitality sector, especially for irreplaceable, best-in-class assets with strong cash flow.”