St. Regis Bal Harbour $188M CMBS loan heads to special servicing

Facing a maturity date next month, a $188 million commercial mortgage-backed securities loan tied to the St. Regis Bal Harbour Resort is being transferred to special servicing, according to Morningstar.  The move comes despite the hotel’s owner, Qatari firm Al Rayyan Tourism Investment Company (ARTIC), being current on the mortgage and having an option to extend the maturity date. The property is at 9703 Collins Avenue in Bal Harbour.  The lender, San Francisco-based Column, is reviewing a request by Al Rayyan, led by CEO Tarek El Sayed, for an extension, Morningstar states.  Though Al Rayyan maintained an above breakeven debt service coverage ratio, its 2024 net cash flow […]This article originally appeared on The Real Deal. Click here to read the full story.