Las Vegas Marriott CMBS ‘Tranche Warfare’ Case Settled

The final bell has rung on a closely watched “tranche warfare” fight between senior and junior commercial mortgage bondholders seeking control of a Las Vegas Marriott.

The bondholders settled their year-long battle over a boom-era mortgage on the JW Marriott Las Vegas Resort & Spa, ending litigation triggered by an offshore firm’s attempt to wrest control of the property from its junior position in the bond hierarchy.