Braemar Hotels & Resorts Announces New $75 Million Revolving Credit Facility

Braemar Hotels & Resorts Inc. (NYSE: BHR) ("Braemar" or the "Company") announced today that it has entered into a new $75 million secured credit facility which replaces the Company's previous credit facility that was scheduled to mature next month.  The new credit facility provides for a three-year revolving line of credit and bears interest at a range of 2.25% - 3.50% over LIBOR, depending on the leverage level of the Company.  There are two, one-year extension options subject to the satisfaction of certain conditions.  The new credit facility includes the opportunity to expand the borrowing capacity by up to $175 million to an aggregate size of $250 million.  Since the Company had a zero balance on the previous credit line, no cash was utilized to pay it down upon termination.  BofA Securities, Inc. acted as the sole lead arranger & sole bookrunner and Bank of America, N.A. as the administrative agent. Other participating lenders include KeyBank National Association and Morgan Stanley.

Braemar Hotels & Resorts is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts.

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