After a three-year hiatus, hotel properties are starting to creep back into CMBS transactions. The CMBS market has seen three offerings backed solely by hotel properties so far this year, the latest of which was a $951.6 million floater via Deutsche Bank Securities that closed last week.

Principal Capital Real Estate CMBS Manager Marc Peterson said that before these deals emerged, he had not seen an all-hotel deal since 2000. In addition to the Deutsche transaction, Bear Stearns priced two similar fixed-rate offerings earlier this year.

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