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

Wednesday, 20 May 2020

Ashford Hospitality Stops Paying Mortgages; 2 Loans Get Accelerated

Ashford Hospitality Trust Inc. last month stopped making principal and interest payments on most of its $4.1 billion of mortgage debt. That's resulted in two CMBS loans, totaling $133.5 million and backed by hotels in Manhattan's Times Square area and Santa Cruz, Calif., getting accelerated.

Commercial Real Estate Direct Staff Report

Ashford Hospitality Trust Inc. last month stopped making principal and interest payments on most of its $4.1 billion of mortgage debt.

The Dallas REIT, which owns 117 hotels with 24,942 rooms, has received notices from the servicers of two of its loans, totaling $133.5 million, demanding immediate payment in full as the two had defaulted.

The loans are the $108.75 million mortgage, securitized through JPMorgan Chase Commercial Mortgage Securities Corp., 2019-EMBS, against the 310-room Embassy Suites New York Manhattan Times Square, and the $24.7 million mortgage, securitized through GS Mortgage Securities Corp. II, 2015-GC30, against the 178-room Hilton Santa Cruz/Scotts Valley in Santa Cruz, Calif. Midland Loan Services is special servicer for both CMBS trusts.

Ashford had purchased the Embassy Suites, at 60 West 37th St., last year for $195 million, and the Hilton, at 6001 La Madrona Drive, two years ago for $50 million.

The Embassy Suites was appraised at a value of $195 million in late 2018 and last year had generated $6.3 million of net cash flow, according to...





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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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