CMLS Financial closed Canada’s first hotel-backed CMBS, a $400 million deal that collateralized by single loan, which is secured by five Westin Hotels located in key Canadian markets.

This is the first time that a hotel portfolio was financed by way of a CMBS securitization in Canada, according to a CMLS press release. The issuer said the deal is also the first single borrower CMBS transaction since 2006 and the largest since 2007.

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