Braemar Hotels & Resorts refinances 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 percent 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 percent. The lender is Aareal Capital Corp. 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," Richard Stockton, Braemar's president and chief executive officer, said in a statement. "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."