RobertDouglas advised Clarion Partners, LLC in securing a $684-million, non-recourse senior mortgage, five-year, fixed-rate financing for the refinancing of CBM Two Hotels LP Portfolio, a portfolio consisting of 52 Courtyard by Marriott hotels.
"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.
The 7,677-key Portfolio is comprised of fee and leasehold interests throughout 25 states and 37 metropolitan areas. Since acquisition in 2005, the Sponsor has spent over $300 million in capital improvements to the Portfolio and recently began a $220-million, Portfolio-wide renovation that will be completed over the next four years.
"The significant investment since acquisition is a testament to the Sponsor's commitment to the Portfolio," commented Lindsey Whang, Director with RobertDouglas. Whang added, "The continuous capital improvements over the past decade have allowed the Portfolio to maintain over 110% RevPAR penetration index over the past twelve years. The current renovation, which includes a modern exterior redesign and updated guestroom product, will further enhance the Portfolio and improve upon its impressive performance."
About RobertDouglas
RobertDouglas is a leading real estate investment banking firm with offices in New York, Los Angeles and San Francisco that specializes in the sale, financing and equity capitalization of hotel, resort and gaming properties throughout North America. Founded in January of 2013 and currently led by its four partners, Rob Stiles, Doug Hercher, Stephen O'Connor and Evan Hurd, RobertDouglas offers access to exceptional domestic and international institutional investor and lender relationships as it combines the capital markets sophistication of top-tier investment banks with diligent hotel underwriting and proven asset management experience . For more information contact info@robert-douglas.com or visit the company's web site at www.robert-douglas.com