Ritz-Carlton Lake Tahoe’s $43.4 Million Loan Enters a New Extension Phase
Key Facts
In June 2026, Braemar Hotels & Resorts extended a $43.4 million mortgage loan secured by the 170-room Ritz-Carlton Lake Tahoe, according to a company statement attached to a filing with the U.S. Securities and Exchange Commission. The loan was originally due on July 15, 2026, before the extension moved its maturity to October 15, 2026. The company set the interest margin on the extended loan at 325 basis points above SOFR. The agreement also provided for an additional three-month extension on the same terms. In its June filing, CEO Richard Stockton said the anticipated refinancing would leave the company’s next final maturities in 2028, according to his expectations at the time.
In its October 2026 investor presentation, the company listed a standalone refinancing of the Ritz-Carlton Lake Tahoe loan and estimated that the transaction could reduce the borrowing margin by 50 to 70 basis points. Braemar estimated that this would generate interest savings of $0.2 million to $0.3 million in 2027. The presentation showed a comparison between an existing maturity in 2027 and a projected new maturity in 2031. The company tied these figures to the targeted refinancing, rather than to a finally announced outcome. It said the estimates remain subject to market conditions, and therefore reflect targets and projections included in the October presentation.
The financing plan comes amid a decline in the hotel’s performance indicators for the six months ended in June 2026 compared with the same period a year earlier, according to the same presentation. Revenue per available room was $489, down 2.5% year over year. Total revenue per available room reached $835, a decline of 8.0%. The hotel also reported EBITDA of $4.7 million, down 17.6% year over year. These results put operating indicators alongside the financing cost reduction estimates the company cited for the targeted refinancing.
Braemar attributed the hotel’s first-quarter 2026 results to unusually low snowfall and a weak ski season, according to its October investor presentation. This explanation provides operating context for the six-month results, which showed declines in revenue and EBITDA compared with the previous year. The loan was secured by a 170-room hotel, according to the June filing, linking the refinancing to a specific asset in the company’s portfolio. In June, Stockton said a later refinancing during the year would leave the company, in his expectations at the time, with its next final maturities in 2028. The company then presented a projected new maturity in 2031 in October as part of the standalone refinancing plan.
In the market, BHR shares closed at $1.43 on November 2, 2026, according to EL7 data. The available figure is limited to the closing price for that session. The refinancing plan, margin reduction figures and savings were included in the October investor presentation as estimates subject to market conditions. The available filing does not include a final outcome for the transaction or additional confirmed financing details. The next step, according to the company’s presentation, is to target a refinancing of the hotel loan, with an estimated new maturity in 2031.