Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Friday, 05 July 2019

Starwood Property Lends $105Mln to Fund Acquisition, Renovation of Houston Hotel

Starwood Property Trust has provided a total of $105 million of financing against the 955-room Hyatt Regency Houston hotel near the city's George R. Brown Convention Center. A total of $80 million of the loan was used to help fund the 47-year-old property's purchase by a venture of Apollo Real Estate and Haberhill LLC, in a deal brokered by JLL.

Commercial Real Estate Direct Staff Report

Starwood Property Trust has provided a total of $105 million of financing against the 955-room Hyatt Regency Houston hotel at 1200 Louisiana St. near the city's George R. Brown Convention Center.

The financing has a three-year initial term, but could be extended for up to four additional years. Part of it was used to fund the 47-year-old property's purchase by a venture of Apollo Real Estate and Haberhill LLC, a value-add hotel expert that specializes in turning around full-service hotels. The property was purchased from an affiliate of Starwood Capital Group.

JLL arranged the financing.

Apollo and Haberhill have partnered on similar properties in the past. Nearly four years ago, they bought the 1,249-room Hilton Atlanta Downtown, at 255 Courtland St. NE, for $145.9 million from a venture of Westmont Hospitality Group and Ivanhoe Cambridge. JLL also brokered that transaction and had arranged a $124 million loan from Starwood Property, which early last year refinanced it with a $146.6 million mortgage, allowing Apollo and Haberhill to pull 150 percent of their initial equity investment in the property.

They increased the property's value by renovating all guest...





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  • Breaking mortgage, CMBS, and REIT news

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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

 

 

 

REITCafe

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shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark against which most REIT’s price their bonds
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