Starwood Capital Group is looking to change the structure of its $577.3 million commercial mortgage-backed security (CMBS) loan that covers 65 hotels across the country, as reported by Bisnow.
The move comes after the debt hit special servicing in February. The hotel portfolio across 21 states and 6,300 rooms has struggled to recover from the pandemic. In 2024, occupancy went down to 67 percent compared with 73 percent in the previous year, an S&P Global report found. Also, net cash flow has gone from $63.3 million in 2019 to $37.4 million at the end of 2023.
"The portfolio performance has not recovered to pre-pandemic levels and appears to have stagnated recently," S&P Global added.
Recommended For You
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
