I haven't seen it, but it was referenced in an article from DJs., which called it an "unrated senior mezzanine floating rate real-estate loan".
Ceasar's is the new name for Harrah's, which went through a big LBO for TPG and Apollo at the peak of the market. Ton of CMBS debt.
Who is buying legacy hotel debt right now at such low yields?
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non-traded REITs like Apple IX, perhaps? Nothing like fleecing Grandma, after all.
For the ESA deal, the big holder is Pacific Life (Pacific Select Fund). New issue buyers (who have since sold) included INKA HSBC (DE) and some Spanish fund I don't recognize.
I bet the insurance companies are still quite full of legacy CMBS, though, and probably won't take a bite at the Hilton or Ceasar's deals. Maybe though - I guess we'll see.
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