USA, New York, New York. January 22, 2020

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

"The Portfolio's excellent Sponsorship, leading brand affiliation, highly attractive in-place cash flow and underwriting economics, and the Sponsor's commitment to a multi-year capital upgrade program in excess of $200 million allowed us to create a highly competitive process. The market responded with an array of strong proposals incorporating both fixed and floating rate financing structures," said Robert Stiles, Principal and Managing Director at RobertDouglas.

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.

"The significant investment since acquisition is a testament to the Sponsor's commitment to the Portfolio," commented Lindsey Whang, Director with RobertDouglas. Whang added, "The continuous capital improvements over the past decade have allowed the Portfolio to maintain over 110% RevPAR penetration index over the past twelve years. The current renovation, which includes a modern exterior redesign and updated guestroom product, will further enhance the Portfolio and improve upon its impressive performance."