03 Case Studies

CBM Two Hotels LP Portfolio

Assignment Overview

RobertDouglas advised Clarion Partners in securing a $684-million, non-recourse senior mortgage with five-year, fixed-rate financing for the refinancing of CBM Two Hotels LP Portfolio, a portfolio consisting of 52 Courtyard by Marriott hotels.

Portfolio Background

The 7,677-key Portfolio is comprised of fee and leasehold interests throughout 25 states and 37 metropolitan areas. Since acquisition in 2005, the Sponsor has spent over $300 million in capital improvements to the Portfolio and recently began a $220-million, Portfolio-wide renovation that will be completed over the next four years.

Deal Highlights

Debt Proceeds:
Assets; Key Count:


Clarion Partners
$684 million
52; 7,677


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Pier House Resort & Spa