In Brief: Braemar Hotels & Resorts closed a $358 million CMBS loan secured by four hotels. The loan replaces two CMBS loans with combined outstanding balances of approximately $290.4 million as of Sept. 30, 2026.
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Image Credit The Ritz-Carlton St. Thomas
Braemar Hotels & Resorts Inc. closed a $358 million CMBS loan secured by The Ritz-Carlton St. Thomas, The Ritz-Carlton Reserve Dorado Beach, The Notary Hotel and Sofitel Chicago Magnificent Mile.
The interest-only loan has a two-year initial term and three one-year extension options, subject to certain conditions, with a final maturity in November 2031. It carries a floating interest rate of SOFR plus 2.37%.
The new loan replaces two CMBS loans with combined outstanding balances of approximately $290.4 million as of Sept. 30, 2026. The loan secured by The Ritz-Carlton St. Thomas had a balance of approximately $80.5 million, a spread of SOFR plus 4.91% and a final maturity of August 2029.
The loan secured by The Ritz-Carlton Reserve Dorado Beach, The Notary Hotel and Sofitel Chicago Magnificent Mile had a balance of approximately $209.9 million. It carried a spread of SOFR plus 2.83% and matured in March 2030.
The refinancing reduces the weighted-average spread on the loans for the four hotels by about 104 basis points, from about 3.41% to about 2.37%, while extending the final maturities.
The $358 million loan balance is $42 million lower than the $400 million estimated in Braemar’s October 2026 investor presentation. The four properties represent four of the company’s seven hotels.