United States: Braemar Hotels & Resorts has actually safeguarded a home loan for the Four Seasons Resort Scottsdale with strategies to pay off an extra costly finance.
The non-recourse funding of ₤ 100 million has a three-year preliminary term with 2 one-year extension alternatives, subject to problems..
Braemar plans to make use of most of the proceeds from the finance to repay a much more pricey one protected by the Ritz-Carlton Reserve Dorado Beach.
” We are extremely excited regarding our current purchase of the Four Seasons Resort in Scottsdale and also are pleased to be able to finance this asset on good terms provided the current volatility in the funding markets,” said Richard J. Stockton, Braemar’s president and also CEO. “With this appealing new funding, we have the ability to minimize our weighted typical rate of interest across our loanings by repaying a much more costly funding.”.
Robert Douglas, a property advisory company, helped Braemar with this transaction.
Braemar Hotels & Resorts is a real estate investment company (REIT) focused on investing in luxury resorts as well as hotels.
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