Hedge fund Axonic Capital and startup Metamorphosis Hotel Capital Partners are picking apart CMBS as they hunt for bargains. : (Bloomberg)—As distressed real estate investors struggle to find enough properties to snatch up, at least two money managers think they’ve found an untapped source of troubled hotels, offices and retail space: commercial real estate bonds. Hedge fund Axonic Capital and startup Metamorphosis Hotel Capital Partners are picking apart commercial mortgage-backed securities as they hunt for bargains, according to people with knowledge of the funds’ strategies.