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 GlobeSt.com 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.

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