Blackstone £450 million Mint CMBS

Overview:

• Blackstone launched a dual currency CMBS - Mint 2015 - to refinance loans related to three hotels in the DoubleTree by Hilton eight-hotel portfolio it acquired in 2011. 
• Blackstone sold the other five hotels in the portfolio before launching the CMBS.  
• The securitised loan is a dual currency facility with tranches of £250 million and €130 million.  
• The maturity date is February 2018.  
• Lead manager on the transaction, JP Morgan, priced the loans at 229 basis points above the three-month Libor and Euribor rates.  
• CBRE Loan Serving was servicer and senior facility agent.
• The transaction was the first multi-jurisdictional, dual-currency securitisation since the financial crisis. 

Ben Naylor - Regional editor