Hotel portfolio, 22 properties · Multiple locations
Starwood Hotel Portfolio
Public CMBS trusts hold $265.0M of the loan on this portfolio at 5.15% that reaches maturity on September 11, 2028, in 22 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is with the special servicer.
The loan
- Balance in tracked trusts
- $265,000,000
- Original balance (same notes)
- $265,000,000
- Interest rate
- 5.15% fixed
- Originated
- August 16, 2018
- Maturity
- September 11, 2028
- Payments
- Interest only for the full term
- Prepayment lockout ended
- September 10, 2019
- Prepayment premium ends
- March 10, 2028 (yield maintenance)
- Master servicer
- Trimont LLC
- Originator
- WFB
Status
- Payment status
- Late payment but less than 30 days delinquent (code B)
- Special servicing
- Transferred January 28, 2026
- Workout strategy
- Other
- Defeasance
- None reported
The property
- Units, rooms or beds
- 2,943
- Value at securitization
- $401.0M
Performance
| At securitization | Latest (Jun 2025) | |
|---|---|---|
| DSCR (NOI) | 2.40x | 0.93x |
| Occupancy | 73% | 63% |
| Net operating income | $33.2M | $12.9M |
| Debt yield | 4.9% |
Debt yield here is the latest NOI divided by the balance held in the trusts below. If part of the loan sits outside them, the true figure is lower.
Watch flags
Computed from the Wells Fargo Commercial Mortgage Trust 2018-C48 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 2026.
- With the special servicer
- Coverage below 1.00x
- Coverage down 0.25x or more from securitization
- NOI down 20% or more from securitization
On the cmbs.news watch list in every report since November 2025.
cmbs.news's own rule-based labels on the filed fields (definitions), not a credit rating, a prediction or a view of the borrower.
What the filing shows
- Occupancy has fallen from 73% when the loan was securitized to 63%.
- Net operating income is 61% below the underwritten figure ($12.9M a year against $33.2M).
- Debt service coverage moved from 2.40x at securitization to 0.93x on the latest statements.
- At 0.93x, the property's reported NOI does not cover its debt service.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $265.0M | Late payment but less than 30 days delinquent | Yes | 0.93x | 63% |
| August 2026 | $265.0M | Late payment but less than 30 days delinquent | Yes | 0.93x | 63% |
| July 2026 | $165.0M | Late payment but less than 30 days delinquent | Yes | 0.93x | 63% |
| June 2026 | $200.0M | Late payment but less than 30 days delinquent | Yes | 0.93x | 63% |
| May 2026 | $265.0M | Late payment but less than 30 days delinquent | Yes | 0.93x | 63% |
| April 2026 | $265.0M | Late payment but less than 30 days delinquent | Yes | 0.93x | 63% |
| March 2026 | $265.0M | Late payment but less than 30 days delinquent | Yes | 0.93x | 63% |
| February 2026 | $265.0M | Late payment but less than 30 days delinquent | Yes | 0.93x | 63% |
| January 2026 | $265.0M | Current | No | 0.93x | 63% |
| December 2025 | $265.0M | Current | No | 0.93x | 63% |
| November 2025 | $265.0M | Current | No | 0.93x | 63% |
| October 2025 | $265.0M | Current | No | 1.14x | 61% |
From each trust's ABS-EE filing for that month. Coverage and occupancy change only when the servicer reports new statements. If one trust holding a piece of the loan skipped a month, that month's balance reads low.
Special-servicing history
- Transferred to the special servicer January 28, 2026, still there.
Transfer and return dates as reported in the filings of the past year; an earlier episode shows here only if a filing in that year still reports it.
Where the loan sits
The loan is split into 4 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| BANK 2018-BNK15 | 2 | $100,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
| Wells Fargo Commercial Mortgage Trust 2018-C47 | 1 | $70,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
| BANK 2018-BNK14 | 5 | $65,000,000 | Sep 2026 | SEC filing, October 1, 2026 |
| Wells Fargo Commercial Mortgage Trust 2018-C48 | 6 | $30,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
Other hotel loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Philadelphia Marriott Downtown | Philadelphia, PA | Hotel | $205.0M | 8.705% | Nov 2028 | 1.24x | 65% | Current |
| Sheraton Grand Nashville Downtown | Nashville, TN | Hotel | $130.0M | 5.035% | Oct 2028 | n/a | n/a | Current |
| InterContinental San Francisco | San Francisco, CA | Hotel | $91.4M | 4.145% | Jan 2028 | 0.54x | 65% | Current |
| Northwest Hotel Portfolio | Hotel | $90.3M | 5.018% | Apr 2028 | 1.55x | 78% | Current | |
| Holiday Inn Fidi | New York, NY | Hotel | $87.0M | 5.12% | Oct 2028 | -0.08x | 38% | Late, less than 30 days |
| Virginia Beach Hotel Portfolio | VA | Hotel | $81.2M | 4.913% | Sep 2028 | 2.18x | 64% | Current |
| Hyatt at Olive 8 | Seattle, WA | Hotel | $78.0M | 4.84% | Apr 2028 | n/a | n/a | Current |
| Renaissance Dallas Addison Hotel | Addison, TX | Hotel | $72.0M | 7.825% | Oct 2028 | 2.61x | 53% | Current |
Source: each trust's ABS-EE asset-data exhibit (Regulation AB Schedule AL) on SEC EDGAR, reporting period ending September 11, 2026. Servicers report these figures; cmbs.news does not audit them. How this page is built.