The $415 million CMBS loan against a portfolio of 30 Courtyard by Marriott hotels with 4,379 rooms in 15 states that had been owned by Colony Capital Inc. has transferred to special servicing as its maturity has passed. To qualify for a term extension, the loan must meet a debt-yield test, which it doesn’t, and a new interest-rate cap must be acquired. Those have become extremely expensive.

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