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Thursday, 04 June 2020

DiamondRock Nears Extension for $53Mln Mortgage Against Salt Lake City Hotel

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Commercial Real Estate Direct Staff Report

DiamondRock Hospitality Co. is close to extending the term of the $53 million loan against its 510-room Marriott hotel in Salt Lake City.

The Bethesda, Md., REIT has signed a term sheet with lender PNC Bank that would extend the loan from its current November maturity to January 2022. The mortgage pays a 4.25 percent coupon.

The hotel, at 75 South West Temple, has remained open during the coronavirus pandemic, but revenue per available room plunged by 14.6 percent in the first quarter when compared to a year ago, to $87.70. And that doesn't take into account the impact of the lockdown caused by the pandemic.

The company also is making efforts to get $558.2 million of CMBS debt against seven other hotels modified to allow it to tap a reserve account designed to finance furniture, fixtures and equipment for use to pay debt-service and operating costs.

"CMBS lenders have said DiamondRock is too well-capitalized to...





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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Salt Lake City
  • States: Utah
  • Sector: Hotel & Resort
  • Subject: Mortgages/Financing (MOR)
  • Valuation: Between $50 million and $100 million
  • Private: Yes
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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