Press Release|CMBS
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KBRA Affirms All Ratings for HYT 2024-RGCY

15 Aug 2025   |   New York

Contacts

KBRA affirms all ratings for HYT 2024-RGCY, a CMBS single-borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since securitization in August 2024.

The collateral for the transaction is a $620.0 million non-recourse, first lien mortgage loan secured by the borrower’s fee simple interest in the Hyatt Regency Orlando, a 1,641 key, AAA Four Diamond, full-service convention hotel. In addition to the $620.0 million outstanding balance, there is also $265.0 million in debt-like preferred equity. The floating-rate loan has a two-year initial term with three 12-month extension options and requires monthly interest-only payments based on one-month Term SOFR plus a spread of 2.75%. The sponsors are RIDA Development Corporation and Ares Management Corporation.

The review utilized information obtained from the trustee and servicer to analyze the loan collateral. The analysis produced a KNCF of $68.8 million and a KBRA value of $705.3 million ($429,826 per key), resulting in an in-trust KLTV of 87.9%, an increase from 86.6% at issuance. KBRA assigns a KPO of Perform to the loan based on the stable performance since securitization.

To access ratings and relevant documents, click here.

Click here to view the report.

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Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1010817