KBRA Affirms All Outstanding Ratings for HTL 2024-T53
11 Apr 2025 | New York
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 stable performance since securitization.
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 April 2025.
KBRA analyzed the cash flow for the properties utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $58.2 million and a KBRA value of $532.7 million ($89,413 per key). The resulting in-trust KLTV is 118.5%, compared to 118.7% at securitization. KBRA assigns a KPO of Perform on the loan.
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