Talmage Named Special Servicer for $1.4 Billion Kyo-Ya Hotel Portfolio CMBS
NEW YORK -- July 7, 2014
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
430 Park Avenue
New York, New York 10022
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