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Friday, 01 February 2019

Starwood Lends $150.5Mln Against Embassy Suites in Manhattan

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Commercial Real Estate Direct Staff Report

Starwood Property Trust provided $150.5 million of financing against the 310-room Embassy Suites hotel in midtown Manhattan that was acquired by Ashford Hospitality Trust Inc. for $195 million.

The loan has a three-year term, but could be extended by up to two additional one-year terms. It pays a coupon pegged to Libor plus 390 basis points.

As reported, Ashford purchased the hotel, its first in Manhattan, from a venture led by AIG Global Real Estate, which was represented by Eastdil Secured. The 41-story property sits at 60 West 37th St. and opened a year ago. It also includes a 47-space parking garage.

During the fourth quarter, the property operated at a 92 percent occupancy level and generated an average daily rate of $276, for revenue per available room of $254.

Comments? E-mail Orest Mandzy, or call him at (267) 327-4281.



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Additional Info

  • Syndicate to Realpoint: No
  • Cities: New York City
  • States: New York
  • Sector: Hotel & Resort
  • Subject: Mortgages/Financing (MOR)
  • Company: Starwood Capital, Starwood Hotels & Resorts
  • Valuation: More than $150 million
  • Private: No
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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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