MCR and BLT Complete $632 Million Refinancing of 53-Hotel Portfolio
Carl Kuehner, Chairman of BLT, remarks, “It is a great achievement to accomplish a refinancing of this size and scope in today’s challenging debt environment.
- Carl Kuehner, Chairman of BLT, remarks, “It is a great achievement to accomplish a refinancing of this size and scope in today’s challenging debt environment.
- The loan was securitized in a single asset, single borrower (“SASB”) CMBS transaction with the portfolio valued at $960 million.
- Under the stewardship of MCR and BLT, the portfolio achieved over $64 million of NOI on a trailing 12-month basis at closing, up from $55 million NOI in 2021.
- Since acquisition, MCR and BLT collectively invested over $118 million of capital expenditures into the portfolio across guestroom improvements, public space upgrades and general property maintenance.