Braemar Hotels & Resorts closes $358 million refinancing of four luxury hotels

Braemar Hotels & Resorts has closed a new $358.0 million CMBS loan secured by four of its hotels: The Ritz-Carlton St. Thomas, The Ritz-Carlton Reserve Dorado Beach, The Notary Hotel and Sofitel Chicago Magnificent Mile, the Dallas-based REIT said on 10 November 2026.

The loan is interest-only and carries a floating rate of SOFR + 2.37%. It has a two-year initial term plus three one-year extension options, subject to certain conditions, which would take final maturity to November 2031.

The financing replaces two existing CMBS loans with combined balances of about $290.4 million as of 30 September 2026. According to the release, the loan on The Ritz-Carlton St. Thomas, at roughly $80.5 million, priced at SOFR + 4.91% and matured in August 2029. The second loan, covering the other three hotels at about $209.9 million, carried SOFR + 2.83% and matured in March 2030. Braemar said the weighted-average spread across the four hotels falls by approximately 104 basis points, from about 3.41% to about 2.37%.

The final loan balance came in $42.0 million below the $400.0 million the company had estimated in its October 2026 investor presentation. The four hotels represent four of Braemar's seven properties.

"This refinancing meaningfully lowers our interest rate spread and extends maturities on the loans for four of our seven hotels," said Richard J. Stockton, President and Chief Executive Officer, adding that the lower balance reflected the management team's "disciplined approach to capital allocation". Braemar describes itself as a REIT focused on luxury hotels and resorts in the United States and U.S. Caribbean territories.