Fitch Ratings sees COMM 2014-KYO, the most recent re-financing of the Kyo-Ya Hotels & Resorts hotel portfolio, as a key indicator of the increasing leverage being offered by U.S. commercial mortgage-backed securities lenders.

Deutsche Bank is leading a $1.4 billion securitization for the hotelier, less than two years after a similar $1.1 billion deal was completed. Kyo-Ya’s parent company, Kokusai Kogyo KK, is using the transaction to buy out Cerberus’ 55% stake in the firm.

Fitch didn’t rate the current deal, which takes on about $300 million more debt than its predecessor. Standard & Poor’s and Morningstar....

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