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KBRA Affirms All Ratings for BX 2024-BRVE

14 Apr 2026   |   New York

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KBRA affirms ratings for all classes of BX 2024-BRVE, a CMBS single-borrower transaction. The affirmations follow a surveillance review, which reflects modest performance improvement since the last review and issuance, primarily driven by principal paydown from property releases. However, the magnitude of the change does not warrant rating changes at this time.

At securitization, the transaction was secured by a $428.5 million non-recourse, first-lien, floating-rate mortgage loan collateralized by a portfolio of 23 lodging properties totaling 4,002 keys. Since closing, four properties have been released, reducing the portfolio to 19 hotels and the outstanding loan balance to $409.8 million as of March 2026. The current security interests consist of the borrower’s fee simple interests in 17 lodging properties totaling 3,319 keys (92.5% of the loan balance) and leasehold interests in two hotels totaling 324 keys (7.5%).

The portfolio is anchored by the 1,260-key Hyatt Regency Atlanta, the sole full-service asset, which represents 47.5% of the loan balance. The remaining 18 properties consist of seven select-service hotels (25.7%; 1,134 keys), six extended-stay hotels (15.6%; 695 keys), and five limited-service hotels (11.2%; 554 keys). The hotels, which range in size from 72 to 1,260 keys, were built between 1967 and 2018 and are in nine states. The loan sponsor is Blackstone Operating Partnership, L.P. (“Blackstone”). The loan is scheduled to mature on April 9, 2026; however, per the servicer, the borrower intends to exercise its first extension option, and a replacement interest rate cap purchase is currently in process.

The review utilized information obtained from the trustee and servicer to analyze the loan collateral. The analysis produced a KNCF of $61.8 million and a KBRA value of $573.4 million ($157,408 per key). The resulting KLTV is 71.5%, compared to 77.9% 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.

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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: 1014423