Braemar Hotels & Resorts Inc. filed an 8-K press release on November 10, 2026, announcing the closing of a new $358.0 million CMBS loan secured by four luxury hotel properties, replacing two existing CMBS loans with combined outstanding balances of approximately $290.4 million.

Key Highlights

  • New loan amount: $358.0 million, secured by The Ritz-Carlton St. Thomas, The Ritz-Carlton Reserve Dorado Beach, The Notary Hotel, and Sofitel Chicago Magnificent Mile.
  • Interest rate: Floating rate of SOFR + 2.37%; the loan is interest-only.
  • Term: Two-year initial term with three one-year extension options, taking final maturity to November 2031.
  • Spread reduction: The refinancing reduces the weighted-average spread on the loans for the four hotels by approximately 104 basis points, from approximately 3.41% to approximately 2.37%, according to the filing.
  • Loans replaced: Two existing CMBS loans with combined outstanding balances of approximately $290.4 million as of September 30, 2026.
  • Below estimate: The $358.0 million loan balance is $42.0 million lower than the $400.0 million estimated in the company's October 2026 investor presentation.

Braemar Refinances Four Hotel Loans, Cuts Spread and Extends Maturities

According to the filing, Braemar Hotels & Resorts Inc. (NYSE:BHR) closed a new $358.0 million CMBS loan on November 10, 2026. The loan is secured by four properties: The Ritz-Carlton St. Thomas, The Ritz-Carlton Reserve Dorado Beach, The Notary Hotel, and Sofitel Chicago Magnificent Mile. The loan carries a floating interest rate of SOFR + 2.37%, is structured as interest-only, and has an initial two-year term with three one-year extension options subject to certain conditions, bringing the final maturity to November 2031.

The new loan replaces two prior CMBS facilities, the filing disclosed. The first, secured by The Ritz-Carlton St. Thomas, carried a balance of approximately $80.5 million, a spread of SOFR + 4.91%, and a final maturity of August 2029. The second, secured by The Ritz-Carlton Reserve Dorado Beach, The Notary Hotel, and Sofitel Chicago Magnificent Mile, had a balance of approximately $209.9 million, a spread of SOFR + 2.83%, and a final maturity of March 2030. Together, the two replaced loans had combined outstanding balances of approximately $290.4 million as of September 30, 2026.

The filing also noted that the $358.0 million closing balance came in $42.0 million below the $400.0 million figure estimated in the company's October 2026 investor presentation. Richard J. Stockton, President and Chief Executive Officer, was quoted in the release stating the refinancing "meaningfully lowers our interest rate spread and extends maturities on the loans for four of our seven hotels," and that the loan balance "came in well below our October investor presentation estimate." The filing contains forward-looking statements subject to the company's cautionary language and risk factors described in its regulatory filings.

What Was Disclosed

Braemar Hotels & Resorts Inc. announced the closing of a $358.0 million interest-only CMBS loan replacing two prior loans totaling approximately $290.4 million, reducing the weighted-average spread by approximately 104 basis points and extending final maturities to November 2031.