Braemar hotels & resorts completes refinancing of mortgage loan for the pier house resort & spa

Braemar hotels & resorts inc. announced that it has successfully refinanced its mortgage loan for the 142-room pier house resort & spa in key west, florida, which had an existing outstanding balance of $70 million, a floating interest rate of libor + 2.25%, and a final maturity date in march 2020.the new, non-recourse loan totals $80 million and has a five-year term. the loan is interest only and provides for a floating interest rate of libor + 1.85%. the company's next hard maturity is not until april 2022.
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