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Friday, 22 May 2020

Ashford Affiliate Braemar Hotels Stops Paying Mortgages

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Commercial Real Estate Direct Staff Report

Braemar Hotels & Resorts Inc., which is managed by Ashford Inc., stopped making principal and interest payments on nearly all of its $1.1 billion of mortgage debt. As such, it's following in the footsteps of another Ashford-managed REIT, Ashford Hospitality Trust Inc.

Braemer is the former Ashford Hospitality Prime Inc., through which Ashford had spun off its higher-end hotels in 2013. It owns 13 properties with 3,487 rooms and has been in talks with its lenders to modify its loans or buy time to make debt-service payments.

Richard Stockton, the company's chief executive and president, told analysts on a conference call today that REIT is looking to defer interest payments and pay them back over time. It is also asking for access to reserve funds in order to fund operating shortfalls. Stockton said he expected some of the company's loans to be modified in the coming weeks.

"I would like to commend our lenders for having such patience with us," he said. "The conversations we've been having with them have been extraordinarily constructive."

Braemar has temporarily closed 11 of its hotels. The two that remain open are the the 266-room Ritz-Carlton in Sarasota, Fla., and the 499-room Notary Hotel in Philadelphia. The REIT expects to reopen more hotels early next month in areas such as La Jolla, Calif., and...





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“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

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Additional Info

  • Syndicate to Realpoint: No
  • Sector: Hotel & Resort
  • Subject: Bankruptcy/Foreclosure (BKRPT), Mortgages/Financing (MOR)
  • Deal Name: JPMBB Commercial Mortgage Securities Trust, 2015-C29, JPMorgan Chase Commercial Mortgage Securities Corp., 2017-FL10, Banc of America Merrill Lynch Large Loan Trust, 2018-ASHF
  • Company: Ashford Hospitality Trust Inc.
  • Private: Yes
  • bloombergDealName: BAMLL 2016-ASHF, JPMCC 2017-FL10
Read 151 times Last modified on Thursday, 28 May 2020

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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