Blackstone/Starwood Refinance 196-Hotel ESA Portfolio with $1.87B CMBS
Value
$1.9B
Location
Portfolio (29 states nationwide), Multiple, Multiple
Date
2026-01-15
Companies
ESH Hospitality / Extended Stay America, Blackstone Real Estate Partners, Starwood Capital Group, JPMorgan Chase, Citigroup, Goldman Sachs, Wells Fargo, Bank of America, Deutsche Bank affiliate
ESH Hospitality, the joint venture between Blackstone Real Estate Partners and Starwood Capital Group, secured a $1.87 billion CMBS refinancing covering 196 Extended Stay America hotels across 29 states. This was the third major refinancing transaction from their $6 billion 2021 acquisition of the brand, and the largest SASB (single-asset, single-borrower) CMBS deal in January 2026. The deal was priced in the CMBS market in January 2026, with a Fitch-derived portfolio value of $1.87 billion. The two-year floating-rate loan carries extension options and is interest-only at SOFR plus approximately 250 basis points.
Source
Fitch Ratings