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Indebtedness, net (Tables)
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Indebtedness, net
Indebtedness, net consisted of the following (dollars in thousands):
Indebtedness
Collateral
Current Maturity
Final
Maturity (15)
Interest Rate
September 30, 2024December 31, 2023
Mortgage loan (3)
Cameo Beverly Hills August 2024August 2024
SOFR (1) + 3.66%
$— $30,000 
Mortgage loan (4)
Hilton La Jolla Torrey Pines
August 2024
August 20249.00%— 66,600 
Mortgage loan (5)
The Ritz-Carlton Lake Tahoe
January 2025
January 2026
SOFR (1) + 3.60%
53,413 53,413 
Mortgage loan (6)
Park Hyatt Beaver Creek Resort & Spa
February 2025
February 2027
SOFR (1) + 2.86%
70,500 70,500 
Mortgage loan (7)
The Notary Hotel
June 2025
June 2025
SOFR (1) + 2.66%
293,180 293,180 
The Clancy
Sofitel Chicago Magnificent Mile
Marriott Seattle Waterfront
Mortgage loan (8)(9)
The Ritz-Carlton St. Thomas
August 2025
August 2026
SOFR (1) + 4.35%
— 42,500 
Mortgage loan (9)(10)
Pier House Resort & Spa
September 2025
September 2026
SOFR (1) + 3.60%
— 80,000 
Mortgage loan (11)
The Ritz-Carlton Reserve Dorado Beach
March 2026March 2026
SOFR (1) + 4.75%
62,000 — 
Convertible Senior NotesEquityJune 2026June 20264.50%86,250 86,250 
BAML Credit Facility (9)(12)
Bardessono Hotel & Spa
July 2026July 2027
Base Rate (2) +1.25% to 2.00% or
SOFR (1) + 2.35% to 3.10%
— 200,000 
Hotel Yountville
The Ritz-Carlton Sarasota
Mortgage loan (9)
Bardessono Hotel & Spa
August 2026August 2029
SOFR (1) + 3.24%
407,000 — 
Hotel Yountville
The Ritz-Carlton Sarasota
Pier House Resort & Spa
The Ritz-Carlton St. Thomas
Mortgage loan (13)
Four Seasons Resort ScottsdaleDecember 2026December 2028
SOFR (1) + 3.75%
140,000 140,000 
Mortgage loan (14)
Capital HiltonDecember 2026December 2028
SOFR (1) + 3.75%
110,600 110,600 
1,222,943 1,173,043 
Capitalized default interest and late charges, net
— 120 
Deferred loan costs, net(13,831)(9,135)
Premiums/(discounts), net(1,099)(1,584)
Indebtedness, net$1,208,013 $1,162,444 
__________________
(1)SOFR rates were 4.85% and 5.35% at September 30, 2024 and December 31, 2023, respectively.
(2)Base Rate, as defined in the secured credit facility agreement, is the greater of (i) the prime rate set by Bank of America, (ii) federal funds rate + 0.50%, (iii) Term SOFR + 1.00%, or (iv) 1.00%.
(3)This mortgage loan had a SOFR floor of 1.50%. On April 9, 2024, we repaid this mortgage loan.
(4)On February 5, 2024, we amended this mortgage loan. Terms of the amendment included extending the maturity date by six months from February 2024 to August 2024, and converting the interest rate from a variable rate of SOFR + 1.70% to a fixed rate of 9.00%. This mortgage loan was secured by the Hilton La Jolla Torrey Pines. On July 17, 2024, we sold this property for $165.0 million and repaid the mortgage loan.
(5)This mortgage loan has one one-year extension option, subject to satisfaction of certain conditions.
(6)This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions, of which the first was exercised February 2024.
(7)This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions, of which the fifth was exercised in June 2024.
(8)On January 29, 2024, we amended this mortgage loan. Terms of the amendment included extending the current maturity date one year to August 2025, and the variable rate increased from SOFR + 4.04% to SOFR 4.35%. This amended mortgage loan has one one-year extension option, subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 4.00%.
(9)On August 7, 2024, we refinanced this mortgage loan and credit facility into a new $407.0 million mortgage loan. The new mortgage loan is interest only and bears interest at a rate of SOFR + 3.24%, has a two-year initial term, and has three one-year extension options, subject to satisfaction of certain conditions. Braemar holds a tranche of Commercial Mortgage-Backed Securities (“CMBS”) that has a par value of $42.2 million and a rate of SOFR + 5.20%.
(10)On January 3, 2024, we amended this mortgage loan. Terms of the amendment included extending the current maturity date one year to September 2025, and the variable rate increased from SOFR + 1.95% to SOFR + 3.60%. This mortgage loan has one one-year extension option, subject to satisfaction of certain conditions.
(11)On March 7, 2024, we entered into a new $62.0 million mortgage loan. The new mortgage loan is interest only and bears interest at a rate of SOFR + 4.75%.
(12)This secured credit facility has one one-year extension option, subject to satisfaction of certain conditions.
(13)This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 1.00%.
(14)This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 2.00%.
(15)The final maturity date assumes all available extension options will be exercised.