IRVINE, CA-Special servicer CW Capital of Washington, DC has placed a $12.75 million defaulted CMBS loan on the market, a development that is surprising in a number of respects, including the fact that the loan was originated in 1998, long before the troubled loans of more recent years. President Alan Reay of Atlas Hospitality Group, which has the assignment from CW Capital to market the loan, tells that the offering is also unusual in that few if any troubled CMBS hotel loans have it the market yet.

“This is the first CMBS hotel loan that I know of in California that has been marketed for sale from a special servicer,” Reay says. “We’ve seen portfolio offerings of a mixed bag of assets, but this is the first time that we know of that they have listed a note for sale from an individual hotel.”

The property is the 182‐room Ramada Plaza Hotel located at 2151 Hotel Circle South in San Diego, which includes an outdoor heated pool and spa, a fitness center, valet services and an on‐site restaurant and lounge. The hotel was purchased in August 2000 for $15.96 million and the loan, now in default, matured in January 2009.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.