Press Release|CMBS
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KBRA Affirms All Ratings for AHPT 2025-ATRM

14 Aug 2026   |   New York

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KBRA affirms all outstanding ratings for AHPT 2025-ATRM, a CMBS single-borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since securitization.

The transaction collateral is a non-recourse, first lien mortgage loan secured by the borrowers’ and operating lessee’s fee simple and leasehold interests in 15 lodging properties totaling 3,892 keys located in 12 states. The portfolio consists of 11 full-service properties totaling 3,256 keys (91.8% of loan balance), two select-service properties totaling 370 keys (5.7%), and two extended-stay properties totaling 266 keys (2.5%). All portfolio properties are affiliated with national hotel chains under Hilton Worldwide Holdings Inc. (nine hotels, 2,693 keys, 73.1%) or Marriott International, Inc. (six hotels, 1,199 keys, 26.9%) and are operated under six national flags including Embassy Suites (eight properties, 68.5%), Renaissance (one property, 15.3%), Courtyard by Marriott (two properties, 5.7%), Hilton (one property, 4.6%), Sheraton (one property, 3.4%), and Residence Inn by Marriott (two properties, 2.5%). In conjunction with a recently executed 15-year franchise agreement, the Stamford Hilton property (4.6%) is expected to convert to a DoubleTree flag in connection with an $18.5 million renovation that will begin in 2026.

KBRA analyzed the cash flow for the properties utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $62.3 million and a KBRA value of $574.6 million ($147,641 per key). The resulting in-trust KLTV is 113.6%, compared to 112.0% at securitization. KBRA assigns a KPO of Perform to the loan.

To access ratings and relevant documents, click here.

Click here to view the report.

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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: 1016527