Goldman preps CMBS to finance Thai conglomerate’s UK hotel buy

By Owen Sanderson
11 Feb 2020

Goldman Sachs has announced a deal called Magenta CMBS to finance Thai conglomerate DTGO Corporation’s purchase of 17 regional hotels across the UK from Marathon Asset Management. The deal is the first CMBS linked to Sonia, with the commercial real estate market proving slower than consumer assets classes to switch from Libor.

The new deal securitizes the £270.9m senior acquisition loan, with Apollo providing the £65.3m mezzanine loan outside the CMBS structure. DTGO is paying £460m for the purchase.

On offer will be a £115.3m class ‘A’, a £42m class ‘B’, £40m class ‘C’, £45m class ‘D’ and £23.346m class ...

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