KBRA Assigns Preliminary Ratings to AHPT 2026-ATRM
KBRA announces the assignment of preliminary ratings to six classes of AHPT 2026-ATRM, a CMBS single-borrower securitization. The collateral for the transaction is a $565.7 million floating rate, interest-only mortgage loan. The loan is expected to have an initial two-year term with three, one-year extension options and require monthly interest-only payments. The loan will be secured by the borrowers’ fee simple and leasehold interests in 18 hotels located in 12 states. For the TTM 5/2026 period, the portfolio’s occupancy was 73.4% with an average daily rate (ADR) of $150.18, resulting in revenue per available room (RevPAR) of $110.16. As of TTM 5/2026, the portfolio achieved weighted average occupancy, ADR and RevPAR penetration rates of 118.1%, 111.4% and 131.1%, respectively.
KBRA’s analysis of the transaction included a detailed evaluation of the property’s cash flows using our North American CMBS Property Evaluation Methodology, and the application of our North American CMBS Single Borrower & Large Loan Rating Methodology. In addition, KBRA also relied on its Global Structured Finance Counterparty Methodology for assessing counterparty risk in this transaction.
