Press Release|CMBS
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KBRA Affirms All Ratings for BX 2024-SLCT

23 Dec 2025   |   New York

Contacts

KBRA affirms all outstanding ratings for BX 2024-SLCT, 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 23 lodging properties with a total of 3,958 keys located in eight states and Washington, DC. The portfolio consists of 13 select-service properties totaling 2,412 keys (69.1% of loan balance), five limited-service properties totaling 826 keys (19.9%), four extended-stay properties totaling 492 keys (8.1%), and one dual-branded property totaling 228 keys (2.9%). All but two portfolio properties are affiliated with national hotel chains under Marriott International, Inc. (nine hotels, 1,386 keys, 40.6%), Hilton Worldwide Holdings Inc. (eight hotels, 1,514 keys, 36.7%), and Hyatt Hotels Corporation (four hotels, 813 keys, 12.7%). The properties are cross-collateralized and cross-defaulted and the loan has an outstanding principal balance of $615.0 million ($155,382 per key) as of December 2025. The sponsor of the loan is the BREIT Operating Partnership, an affiliate of The Blackstone Group, L.P.

KBRA analyzed the cash flow for the properties utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $69.9 million and a KBRA value of $667.2 million ($168,569 per key). The resulting in-trust KLTV is 92.2%, compared to 87.2% at securitization. KBRA assigns 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: 1012881