Presale

Fontainebleau Miami Beach Trust 2019-FBLU: Presale Report

CMBS

Summary

The subject is a four-diamond, 1,594-room luxury resort situated along 15.5 acres of oceanfront property at 4441 Collins Avenue in the mid-beach area of Miami Beach, Florida. Collateral includes the fee-simple interest in the land and resort improvements. The total room count includes 748 non-owned condo-hotel units, which are not collateral for the loan; however, historical participation in the hotel’s unit rental program averaged 85.6% since 2011 up to and including the most recent period ending September 2019, which reports a current participation rate of 89.8%. Two major airports are near the subject, including the Miami International Airport ten miles west and Fort Lauderdale-Hollywood International Airport approximately 21 miles north. Originally constructed in 1954, the property serves as one of the most recognizable and architecturally significant resorts in the world, rich with historical relevance and well known for its extensive amenities.

Ratings

  • Date IssuedDebt RatedRatingTrendActionAttributesi
    14-Nov-19Commercial Mortgage Pass-Through Certificates, Series 2019-FBLU, Class AAAA (sf)--UR-Dev., Provis.-New
    US
    14-Nov-19Commercial Mortgage Pass-Through Certificates, Series 2019-FBLU, Class BAA (sf)--UR-Dev., Provis.-New
    US
    14-Nov-19Commercial Mortgage Pass-Through Certificates, Series 2019-FBLU, Class CAA (low) (sf)--UR-Dev., Provis.-New
    US
    14-Nov-19Commercial Mortgage Pass-Through Certificates, Series 2019-FBLU, Class X-AA (high) (sf)--UR-Dev., Provis.-New
    US
    14-Nov-19Commercial Mortgage Pass-Through Certificates, Series 2019-FBLU, Class DA (sf)--UR-Dev., Provis.-New
    US
    14-Nov-19Commercial Mortgage Pass-Through Certificates, Series 2019-FBLU, Class EBBB (low) (sf)--UR-Dev., Provis.-New
    US
    14-Nov-19Commercial Mortgage Pass-Through Certificates, Series 2019-FBLU, Class FBB (low) (sf)--UR-Dev., Provis.-New
    US
    14-Nov-19Commercial Mortgage Pass-Through Certificates, Series 2019-FBLU, Class X-BB (sf)--UR-Dev., Provis.-New
    US
    14-Nov-19Commercial Mortgage Pass-Through Certificates, Series 2019-FBLU, Class GB (low) (sf)--UR-Dev., Provis.-New
    US
    More
    Less
Fontainebleau Miami Beach Trust 2019-FBLU
  • US = Lead Analyst based in USA
  • CA = Lead Analyst based in Canada
  • EU = Lead Analyst based in EU
  • UK = Lead Analyst based in UK
  • E = EU endorsed
  • U = UK endorsed
  • Unsolicited Participating With Access
  • Unsolicited Participating Without Access
  • Unsolicited Non-participating

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