Deutsche Bank Securities is currently marketing a CMBS called COMM 2011-THL Mortgage Trust worth $685 million.
The deal is secured by 168 hotel properties across 33 U.S. states, according to a Fitch Ratings presale report released today.
Together with this financing, the sponsor's affiliates will also issue $290 million of mezzanine debt and preferred equity of $475 million. The preferred equity holder is Henley LS Pref, which is a wholly owned subsidiary of the Abu Dhabi Investment Authority.
The loan sponsoring entities are Whitehall Street Global Real Estate Limited Partnership 2005 and Whitehall Street Global Employee Fund 2005. Both Whitehall funds are a family of real estate funds that are managed by Goldman Sachs, Fitch reported.
Fitch said that the collective proceeds will for the recapitalization of two limited service hotel portfolios owned by Whitehall. These are the Tharaldson portfolio comprising 138 select service hotels and the CNL portfolio made up of 30 full and select service hotels. The proceeds will also be used to retire existing debt.
Additionally, a Bloomberg report indicated that Goldman Sachs and Citigroup Global Markets are also marketing a $1.5 billion CMBS while Wells Fargo and Royal Bank of Scotland are also in the market with a $1.48 billion commercial mortgage baked deal.