Press Release|CMBS
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KBRA Affirms All Ratings for DC Trust 2024-HLTN

2 Apr 2026   |   New York

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KBRA affirms all outstanding ratings for DC Trust 2024-HLTN, a CMBS single-borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a decline in KNCF since last review and securitization. However, the magnitude of the change does not warrant rating actions at this time.

The transaction collateral consists of a $229.7 million non-recourse, first lien mortgage loan secured by the borrower’s fee simple interest in the Washington Hilton, a 1,107-key full-service hotel located in Washington, DC, in the Dupont Circle neighborhood. The property was developed by the Hilton Hotels Corporation and opened in 1965. The fixed-rate, interest-only loan has a four-year term and matures in April 2028 and was not structured with maturity extension options. There is no existing subordinate debt and future additional subordinate indebtedness is not permitted. The sponsors are Brookfield Oaktree Holdings, LLC (formerly Oaktree Capital Management, LLC) and Clearview Hotel Capital, LLC (Clearview).

KBRA analyzed the cash flow for the property utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $22.9 million and a KBRA value of $235.3 million ($212,520 per key). The resulting in-trust KLTV is 97.6%, compared to 93.2% at last review and 93.1% at securitization. KBRA maintains a KPO of Perform for the loan.

To access ratings and relevant documents, click here.

Click here to view the report.

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Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

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