Braemar Hotels & Resorts Inc. filed a Form 8-K on November 3, 2026, disclosing that its subsidiary BHR Tahoe LP entered into a loan agreement with Western Alliance Bank on October 30, 2026, to refinance existing debt secured by The Ritz-Carlton, Lake Tahoe.

Key Highlights

  • Loan size: The agreement provides a $60 million term loan at closing and an earnout facility of up to $15 million, for a total potential loan amount of $75 million.
  • Lender: Western Alliance Bank, an Arizona corporation, is the lender.
  • Collateral: The loan is secured by first-priority mortgages on The Ritz-Carlton, Lake Tahoe and its Lake Club, plus first-priority liens on tangible and intangible personal property of the borrower and the related hotel lessee.
  • Interest rate: The loan bears interest at a floating rate equal to one-month Term SOFR plus 2.65%, subject to a 5.30% interest rate floor, except where covered by a qualifying interest rate swap.
  • Maturity: The initial maturity date is October 30, 2029, with two one-year extension options that, if exercised, extend the final maturity to October 30, 2031.
  • Earnout conditions: The first earnout advance must be at least $7.5 million and requires, among other conditions, a debt yield of at least 11.5% for two consecutive fiscal quarters after giving effect to the requested advance.

Braemar's Ritz-Carlton Lake Tahoe Debt Refinanced Through Western Alliance Bank

According to the filing, BHR Tahoe LP, a subsidiary of Braemar Hotels & Resorts Inc. (NYSE:BHR), entered into the loan agreement on October 30, 2026, to refinance existing debt relating to The Ritz-Carlton, Lake Tahoe. The $60 million term loan is accompanied by an earnout facility of up to $15 million, bringing the total potential loan amount to $75 million. The filing was submitted under Item 7.01 Regulation FD Disclosure.

The filing states that monthly payments prior to October 30, 2029, are interest only. After that date, monthly payments of principal and interest are required, based on a 25-year amortization period, with the remaining outstanding balance due at maturity. The floating interest rate is tied to one-month Term SOFR plus 2.65%, subject to a floor of 5.30%, except where a qualifying interest rate swap applies as provided in the loan agreement.

The earnout facility, according to the filing, permits up to two advances. The first advance must be at least $7.5 million and is subject to specified conditions, including no continuing event of default, a debt yield of at least 11.5% for two consecutive fiscal quarters after giving effect to the requested advance, and, if required by the lender, a loan-to-value ratio of no greater than 55%. Earnout advances may be requested until six months before the applicable maturity date. The filing notes that the information disclosed shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934.

What Was Disclosed

Braemar Hotels & Resorts Inc. disclosed through an 8-K that subsidiary BHR Tahoe LP refinanced debt on The Ritz-Carlton, Lake Tahoe with a $60 million term loan and up to $15 million earnout facility from Western Alliance Bank, with an initial maturity of October 30, 2029.