The Marriott portfolio covers assets in 25 states and 37 metros, including the Courtyard Atlanta Perimeter Center.
SAN FRANCISCO—Clarion Partners LLC secured a $684-million non-recourse senior mortgage, five-year, fixed-rate loan for the refinancing of CBM Two Hotels LP Portfolio, a portfolio consisting of 52 Courtyard by Marriott hotels. The 7,677-key portfolio is comprised of fee and leasehold interests throughout 25 states and 37 metropolitan areas.
Since the acquisition in 2005, the sponsor has spent more than $300 million in capital improvements on the portfolio and recently began a $220-million portfolio-wide renovation that will be completed during the next four years. RobertDouglas advised Clarion on the refinancing transaction.
"The portfolio's excellent sponsorship, leading brand affiliation, highly attractive in-place cash flow and underwriting economics, and the sponsor's commitment to a multi-year capital upgrade program in excess of $200 million allowed us to create a highly competitive process. The market responded with an array of strong proposals incorporating both fixed- and floating-rate financing structures," said Robert Stiles, principal and managing director at RobertDouglas.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
