Press Release|CMBS
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KBRA Affirms All Ratings for ARZ 2024-BILT

7 May 2026   |   New York

Contacts

KBRA affirms all of its outstanding ratings for ARZ 2024-BILT, a CMBS single-borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since securitization.

The transaction collateral consists of a $460.0 million non-recourse, first lien mortgage loan secured by the borrower’s fee simple interest in the Arizona Biltmore located in Phoenix, Arizona, the borrower’s leasehold interest in a portion of the common areas at the Arizona Biltmore Hotel Villas condominium, the rental management income payable to the borrower, and all intellectual property directly related to the trademark “Arizona Biltmore” held by the borrower. The subject property features 593 collateral keys as well as 112 keys that are contained within 56 vacation villas that participate in a hotel managed rental program. These villas are owned by third parties and do not serve as loan collateral. There is no existing subordinate debt and future additional subordinate indebtedness is not permitted. The sponsors are affiliates of Henderson Park Capital Partners and Pyramid Global Hospitality.

The review utilized information obtained from the trustee and servicer to analyze the loan collateral. The analysis produced a KNCF of $42.5 million and a KBRA value of $447.8 million ($755,133 per key). The resulting in-trust KLTV is 102.7%, a change from 103.5% at last review and 102.9% at securitization. KBRA maintains the loan’s KPO of Perform based on stable performance since securitization.

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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