Courtyard by Marriott Portfolio Gets $684M Refi
Clarion Partners LLC secured a $684 million non-recourse senior mortgage, five-year, fixed-rate loan for the refinancing of CBM Two Hotels LP Portfolio, a portfolio consisting of 52 Courtyard by Marriott hotels.
SAN FRANCISCO—Clarion Partners LLC secured a $684-million non-recourse senior mortgage, five-year, fixed-rate loan for the refinancing of CBM Two Hotels LP Portfolio, a portfolio consisting of 52 Courtyard by Marriott hotels. The 7,677-key portfolio is comprised of fee and leasehold interests throughout 25 states and 37 metropolitan areas.
Since the acquisition in 2005, the sponsor has spent more than $300 million in capital improvements on the portfolio and recently began a $220-million portfolio-wide renovation that will be completed during the next four years. RobertDouglas advised Clarion on the refinancing transaction.
“The portfolio’s excellent sponsorship, leading brand affiliation, highly attractive in-place cash flow and underwriting economics, and the sponsor’s commitment to a multi-year capital upgrade program in excess of $200 million allowed us to create a highly competitive process. The market responded with an array of strong proposals incorporating both fixed- and floating-rate financing structures,” said Robert Stiles, principal and managing director at RobertDouglas.