This roundup features the latest financing of U.S. hotel industry deals and projects.
Acquisition of Watermark Lodging Trust
Lender: Citigroup, Bank of America, JPMorgan Chase, Wells Fargo
Borrower: Brookfield
Value: $3.8 billion
Date of Loan: Oct. 21
Takeaway: Brookfield announced plans to acquire the nontraded REIT in May and financed the acquisition with a floating-rate CMBS loan, collateralized by 16 Watermark properties. The portfolio includes 24 hotels and resorts with 7,916 rooms. The financing has a projected debt yield of 9.1%.
Castle Hotel, Autograph Collection by Marriott
Lender: MetLife, brokered by Berkadia
Borrower: Banyan Investment Group
Date of Loan: Oct. 17
Location: Orlando, Florida
Takeaway: The three-year loan has two one-year extension options. The property was sold by Waramaug Hospitality and Contrarian Capital Management.
Hotel Marcel
Lender: Nuveen Green Capital
Borrower: Becker + Becker
Value: $7 million
Date of Loan: Oct. 20
Location: New Haven, Connecticut
Takeaway: The C-PACE financing carries a 20-year term at a fixed rate.
Dual-Brand Home2 Suites and Tru Property
Lender: Hall Structured Finance brokered by Arriba Capital
Borrower: PA Hospitality
Value: $37.4 million
Date of Loan: Oct. 31
Location: Houston, Texas
Takeaway: The first lien construction loan is for a project expected to break ground before the end of the year and open by late 2024.