A Marriot International-linked commercial mortgage backed security is on the market’s itinerary, according to a release from Kroll Bond Ratings.
The agency gave the $189.2-million A tranche of the $272.75 million transaction a ‘AAA (sf)’ rating. B notes worth a total $29.6 million garnered a ‘AA (sf)’ rating; C notes for $38.7 million received an ‘A (sf),’ and a loan certificate tranche for $15.3 million notched up a ‘BBB (sf).’
The deal’s interest-only tranches — each with a notional balance of $257.5 million — have ratings of ‘AAA (sf).’
The transaction’s collateral consists of two, non-recourse, first lien loans secured by lodging assets. The larger loan, for $194.75 million, is secured by the borrower’s interests in 40 Courtyard by Marriot hotels. The smaller one, for $78 million, is secured by the borrower’s fee simple interest in a North Carolina-based resort Grove Park Inn.