Blackstone Lands $429M CMBS Refi for Hotel Portfolio 

Morgan Stanley and Société Générale just closed a $428.5 million refinance for a portfolio of 23 hotels owned by Blackstone, Commercial Observer has learned. 

The two-year, floating-rate loan features three one-year extension options and is being securitized in the BX 2024-BRVE commercial mortgage-backed securities (CMBS) deal, sources said. 

The portfolio collateral comprises 4,002 rooms across 10 states, with the majority of the hotels located in urban markets. 

The transaction closed on April 9. CBRE’s Tom Traynor, Tom Rugg, Lawrence Britvan, Mark Finan and Michael Straw negotiated the debt. 

The 1,260-key Hyatt Regency Atlanta is the largest asset in the deal, while the other 22 hotels are limited service, select service and extended stay hotels dispersed across the U.S, sources said. Blackstone purchased the famous Atlanta hotel — the second largest in the city — in September 2019, according to the Atlanta Business Chronicle. 

The top five states represented in the portfolio are Georgia (43.7 percent), Florida (14.7 percent), Illinois (11.1 percent), Colorado (10.4 percent) and Utah (4.4 percent).

Blackstone, CBRE and Morgan Stanley declined to comment. SocGen officials weren’t immediately available for comment.

Cathy Cunningham can be reached at ccunningham@commercialobserver.com