Richard Stockton Of Braemar Hotels & Resorts Secures $60 Million Refinance For 170-room Hotel In Truckee

The asset involved in this transaction is the Ritz-Carlton Lake Tahoe, a hotel located at 13031 Ritz Carlton Highlands Court, Truckee, CA. The property encompasses 170 keys, functioning as a luxurious accommodation in the area. The property was refinanced with a new loan totaling $60 million, which superseded $43.4 million in existing debt.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $60,000,000
• Landlord: Richard Stockton - Braemar Hotels & Resorts Inc
• Loan Type: Refinance
• Previous Debt: $43.4 million
• Loan Terms: Floating rate of SOFR + 2.65%, three-year initial term with two one-year extension options
• Next Major Debt Maturity: December 2028

The refinancing deal was facilitated by Braemar Hotels & Resorts Inc, led by landlord Richard Stockton. The transaction involved transitioning to a new undisclosed lender, ensuring the sustainability of the property's financing and extending the debt maturity timeline.