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The sponsors passed another milestone after acquiring the landmark hotel in a record transaction.
About $4.2bn of near-term hotel maturities are facing refinancing difficulties in today’s higher for longer environment.
The 23-hotel CMBS financing will recapitalize properties across 10 states.
Partners is targeting $500m of initial investments with the door open for more capital commitments to Trinity on the table.
JPMorgan has originated a $500m senior loan to help build the mixed-use development One Beverly Hills.
Chief executive says institutional interest is picking up further as high-quality hotel assets hold up.
Brookfield will transfer outstanding CMBS debt to the JV with the deal.
A group of lenders, including Blackstone and Vici Properties, are providing the financing.
The hotel management company closed the deal in the last days of 2022.
The financing demonstrates a belief in the return of business travel as the US emerges from the covid-19 pandemic.