News Column

Talmage Named Special Servicer for $1.4 Billion Kyo-Ya Hotel Portfolio CMBS Loan

July 7, 2014

NEW YORK--(BUSINESS WIRE)-- Talmage, LLC is pleased to announce that it has been named the Special Servicer for the $1.4 billion, 5-year floating rate CMBS loan secured by a portfolio of five full-service hotels and resorts totaling 4,016 keys located in Hawaii and California. The five hotels include Sheraton Waikiki, Westin Moana Surfrider, Sheraton Maui Resort & Spa, The Royal Hawaiian, and The Palace Hotel. The Kyo-Ya Hotel Portfolio is securitized in the COMM 2014-KYO CMBS loan that closed on July 2, 2014. Deutsche Bank Securities led the transaction as sole bookrunner and lead manager.

“We have been involved in the Kyo-Ya Hotel Portfolio since 2005 as a lender and are delighted to now expand that role as Special Servicer,” said Edward L. Shugrue III, CEO of Talmage. He added, “It is a continuation of our special servicing strategy of working on a limited number of large-scale and high-profile transactions each year.”

Talmage’s appointment as the Special Servicer in the Kyo-Ya Hotel Portfolio transaction is consistent with its practice of working on large single-asset and single-borrower transactions where its independence and investment acumen create superior results. Similar transactions in which Talmage served as the Special Servicer include the Meristar Hotel Portfolio, owned by affiliates of the Blackstone Group, and the Tharaldson Hotel Portfolio, owned by affiliates of Goldman Sachs. Talmage was recently named Special Servicer for the W.R. Grace Building CMBS loan in New York City.

Talmage is an active investor in, and advisor/special servicer on, large and complex commercial real estate transactions. Since 2003, Talmage has made in excess of $10 billion of commercial real estate fixed income investments and acted as the special servicer and/or advisor on over $40 billion of loan restructurings and modifications. Talmage is independently owned and offers conflict-­-free advice to its institutional clients. Talmage is headquartered in New York City.


Edward L. Shugrue III

Chief Executive Officer

Talmage, LLC

430 Park Avenue

New York, New York 10022


Source: Talmage, LLC

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