Company: BHR-PD
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001574085-25-000024
Chunk: 233

Company: Braemar Hotels & Resorts Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 8
Chunk 233
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 impaired when its estimated fair value is less than the carrying amount of the investment. Any impairment is recorded in equity in earnings (loss) of unconsolidated entity.As of December 31, 2024, we determined that the estimated fair value of the investment in OpenKey was less than our carrying amount. During the year ended December 31, 2024, we recorded an impairment charge of $1.1 million associated with the equity investment in OpenKey and an impairment charge of $232,000 associated with the note receivable from OpenKey. The impairment charges are included in “equity in earnings (loss) of unconsolidated entity” in our consolidated statements of operations. There were no impairment charges recorded for the years ended December 31, 2023 and 2022.

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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

7. Indebtedness, net

Indebtedness, net consisted of the following (dollars in thousands):IndebtednessCollateralCurrent MaturityFinal Maturity (15)Interest RateDecember 31, 2024December 31, 2023Debt BalanceBook Value of CollateralDebt BalanceBook Value of CollateralMortgage loan (3)Cameo Beverly Hills August 2024August 2024SOFR (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 2026SOFR (1) + 3.60%53,413 135,287 53,413 132,467 Mortgage loan (6)Park Hyatt Beaver Creek Resort & SpaFebruary 2025February 2027SOFR (1) + 2.86%70,500 144,707 70,500 140,966 Mortgage loan (7)The Notary HotelJune 2025June 2025SOFR (1) + 2.66% 293,180 354,893 293,180 378,335 The ClancySofitel Chicago Magnificent MileMarriott