RobertDouglas advised Clarion Partners LLC in securing a $677-million, non-recourse senior mortgage, five-year, fixed-rate financing for the refinancing of CBM Two Hotels LP Portfolio, a portfolio consisting of 52 Courtyard by Marriott hotels.
“The portfolio’s pristine physical condition after a multi-year renovation process, leading brand affiliation, compelling economics and excellent sponsorship allowed us to create a highly competitive process.” said Stephen O’Connor, principal/managing director, RobertDouglas. “The market responded enthusiastically, presenting a diverse array of fixed and floating rate financing proposals.”
The 7,677-key portfolio comprises fee and leasehold interests throughout 25 states and 37 metropolitan areas. Since acquisition in 2005, the sponsor has spent more than $500 million in capital improvements to the portfolio and recently completed a $257-million, portfolio-wide renovation between 2019 and 2024.
“The substantial investment made since the acquisition reflects the sponsor’s unwavering commitment to the portfolio,” said Patrick Tan, SVP, RobertDouglas. “The recent renovations, featuring a modern exterior redesign and upgraded guestroom product, have driven up the portfolio’s aggregate RevPAR penetration index.”
Robert Stiles, principal/managing director, RobertDouglas, added, “This transaction underscores the importance of continuous capital investment in maintaining and enhancing institutional-quality assets in today’s hotel capital market environment.”
The post Clarion Partners secures $677M 52-hotel portfolio refi appeared first on hotelbusiness.com.
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