Press Release|CMBS
View PDF

KBRA Affirms All Ratings for HTL 2024-T53

10 Apr 2026   |   New York

Contacts

KBRA affirms all outstanding ratings for HTL 2024-T53, a CMBS single-borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a decline in KNCF since last review and securitization. However, the magnitude of the change does not warrant rating adjustments at this time.

The transaction collateral is a non-recourse, first lien mortgage loan backed by a portfolio of 53 lodging properties with a total of 5,958 keys. The portfolio consists of 22 extended-stay properties (2,466 keys, 41.7% of loan balance), 19 select-service properties (2,216 keys, 41.1%), and 12 limited-service properties (1,276 keys, 17.1%). All portfolio properties are affiliated with national hotel chains under Marriott International (33 hotels, 57.2%) or Hilton Hotels & Resorts (20 hotels, 42.8%) and are operated under national flags including Courtyard by Marriott (10 properties, 19.3%), Hilton Garden Inn (seven properties, 18.3%), Residence Inn by Marriott (seven properties, 15.6%), TownePlace Suites (11 properties, 15.1%), Hampton Inn (nine properties, 13.5%), Homewood Suites (four properties, 11.1%), Fairfield Inn (three properties, 3.7%) and SpringHill Suites (two properties, 3.6%). The underlying collateral properties are located in 14 states and 13 MSAs. The properties are cross-collateralized and cross-defaulted, and the loan has an outstanding principal balance of $631.5 million ($105,992 per key) as of March 2026. The loan matures in May 2027, and it was not structured with any extension options.

KBRA analyzed the cash flow for the properties utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $54.1 million and a KBRA value of $495.8 million ($83,209 per key). The resulting in-trust KLTV is 127.4%, compared to 118.5% at last review and 118.7% at securitization. KBRA maintains a KPO of Perform on the loan.

To access ratings and relevant documents, click here.

Click here to view the report.

Related Publication

Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1014380