Coronavirus causes a record number of hotels to default on their loans: report
Aug 25 - Yahoo! Finance
Almost a quarter of hotels were delinquent on their mortgage payments in July, the highest rate on record, according to a new report.
Some 23.4% of commercial mortgage-backed security (CMBS) loans, which finance many hotels, were more than 30 days late in July, totaling $20.6 billion. Only 1.34% of hotel CMBS loans were in default in July 2019, according to Trepp, a New York City-based data, analytics and technology company.
“If hotels don't get more help, we will start to see...
Some 23.4% of commercial mortgage-backed security (CMBS) loans, which finance many hotels, were more than 30 days late in July, totaling $20.6 billion. Only 1.34% of hotel CMBS loans were in default in July 2019, according to Trepp, a New York City-based data, analytics and technology company.
“If hotels don't get more help, we will start to see...