San Francisco, CA – April 2, 2015 – RobertDouglas announced today that it advised Clarion Partners on the refinancing of the 65-property CBM Two Hotels LP Portfolio. Bolstered by robust in-place cash flows, strong geographic diversification, and institutional Sponsorship, the Portfolio attracted strong interest from a wide array of lenders. The $670 million five year, fixed-rate mortgage financing was provided by Deutsche Bank who is expected to securitize the loan in a single-borrower deal later this year.
The Portfolio is comprised of 65 Courtyard by Marriott hotels totaling 9,590 keys and located in 29 states and 46 metropolitan areas. Notable geographic representation includes the New York, San Francisco, Miami, Los Angeles, Dallas, Chicago, Boston, and Atlanta metropolitan statistical areas. The Sponsorship’s continuous capital contributions over the past decade have allowed the Portfolio to consistently outperform its competitive set and achieve above-average guest satisfaction scores.
“The CBM Two Hotel Portfolio is a leading example of the staying power of the Courtyard by Marriott brand with corporate and transient users alike. Couple that powerful distribution network with unwavering institutional sponsorship, and it makes for a very productive portfolio,” noted Chris Ropko, Senior Director at RobertDouglas. “The credit markets showed enormous appetite for this finance opportunity and the very competitive process provided a compelling solution for the specific objectives of our client.” added Rob Stiles, Principal & Managing Director at RobertDouglas.