Press Release|CMBS
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KBRA Affirms All Ratings for WBHT 2025-WBM

25 Jun 2026   |   New York

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KBRA affirms all outstanding ratings for WBHT 2025-WBM, a CMBS single-borrower transaction. The affirmation follows a surveillance review of the transaction, which has exhibited a slight decline in performance since securitization. However, the magnitude of the change does not warrant rating adjustments at this time.

The collateral for the transaction is a $340.0 million non-recourse, first lien mortgage loan secured by the borrower’s leasehold interests in the Waikiki Beach Marriott, a 1,307-key, full-service resort hotel located on 5.3 acres along Kalakaua Avenue, a major commercial roadway, in the Waikiki neighborhood of Honolulu on the island of Oahu in Hawaii. The property is comprised of a 25-story original hotel tower built in 1971 and a 33-story hotel tower completed in 1979 that are connected on floors one to three. The property is strategically positioned across the street from Waikiki Beach, two blocks north of Kapi’Olani Park, home of the Honolulu Zoo and Waikiki Aquarium, and one-half mile southeast of the Waikiki Shopping Plaza, Waikiki Beach Walk and Royal Hawaiian Shopping Center. The sponsor is Atrium Holding Company (Atrium).

KBRA analyzed the cash flow for the property utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $27.5 million and a KBRA value of $274.8 million ($210,281 per key). The resulting in-trust KLTV is 123.7%, compared to 117.9% 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.

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