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Indebtedness, net (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Indebtedness, net
Indebtedness, net consisted of the following (dollars in thousands):
IndebtednessCollateralCurrent Maturity
Final
Maturity (15)
Interest RateDecember 31, 2024December 31, 2023
Debt BalanceBook Value of CollateralDebt BalanceBook Value of Collateral
Mortgage loan (3)
Cameo Beverly Hills August 2024August 2024
SOFR (1) + 3.66%
$— — $30,000 71,196 
Mortgage loan (4)
Hilton La Jolla Torrey PinesAugust 2024August 20249.00%— — 66,600 66,947 
Mortgage loan (5)
The Ritz-Carlton Lake TahoeJanuary 2025January 2026
SOFR (1) + 3.60%
53,413 135,287 53,413 132,467 
Mortgage loan (6)
Park Hyatt Beaver Creek Resort & SpaFebruary 2025February 2027
SOFR (1) + 2.86%
70,500 144,707 70,500 140,966 
Mortgage loan (7)
The Notary HotelJune 2025June 2025
SOFR (1) + 2.66%
293,180 354,893 293,180 378,335 
The Clancy
Sofitel Chicago Magnificent Mile
Marriott Seattle Waterfront
Mortgage loan (8)(9)
The Ritz-Carlton St. ThomasAugust 2025August 2026
SOFR (1) + 4.35%
— — 42,500 114,224 
Mortgage loan (9)(10)
Pier House Resort & SpaSeptember 2025September 2026
SOFR (1) + 3.60%
— — 80,000 81,806 
Mortgage loan (11)
The Ritz-Carlton Reserve Dorado BeachMarch 2026March 2026
SOFR (1) + 4.75%
62,000 186,539 — — 
Convertible Senior NotesEquityJune 2026June 20264.50%86,250 — 86,250 — 
BAML Credit Facility (9)(12)
Bardessono Hotel & SpaJuly 2026July 2027
Base Rate (2) +1.25% to 2.00% or SOFR (1) + 2.35% to 3.10%
— — 200,000 303,405 
Hotel Yountville
The Ritz-Carlton Sarasota
Mortgage loan (9)
Bardessono Hotel & SpaAugust 2026August 2029
SOFR (1) + 3.24%
407,000 496,223 — — 
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%
140,000 255,631 140,000 261,737 
Mortgage loan (14)
Capital HiltonDecember 2026December 2028
SOFR (1) + 3.75%
110,600 134,013 110,600 143,840 
1,222,943 1,707,293 1,173,043 1,694,923 
Capitalized default interest and late charges, net— 120 
Deferred loan costs, net(11,985)(9,135)
Premiums/(discounts), net(940)(1,584)
Indebtedness, net$1,210,018 $1,162,444 
__________________
(1)SOFR rates were 4.33% and 5.35% at December 31, 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)On January 14, 2025, we amended this mortgage loan. Terms of the amendment included a $10.0 million principal pay-down, current maturity date extension to July 2025, interest rate reduction to SOFR + 3.25%, and one six-month 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 second was exercised February 2025.
(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 had one one-year extension option, subject to satisfaction of certain conditions. This mortgage loan had 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”), which is secured by the five hotel properties that serve as collateral for the new mortgage loan and has a par value of $42.2 million and a rate of SOFR + 5.20%. The CMBS is reported as “investment in securities” on the consolidated balance sheet.
(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 had 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.
Schedule of Maturities of Long-term Debt
Maturities and scheduled amortization of indebtedness as of December 31, 2024, assuming no extension of existing extension options for each of the following five years and thereafter are as follows (in thousands):
2025$417,093 
2026805,850 
2027— 
2028— 
2029— 
Thereafter— 
Total$1,222,943