Mark Gordon, head of CWSG's US hotel group, declines to name the capital provider, which he identifies as a life company. According to an SEC filing by Bethesda, MD-based DiamondRock, that company is Massachusetts Mutual Life Insurance Co. Gordon tells GlobeSt.com that the insurer is a first-timer in providing financing during this portion of the cycle--a trend he's seen lately.

"If you look at five of the most recent hotel loans we've completed, and another six we have in the works, all are with new lenders," says Gordon, an EVP at CWSG. He specifies "new" as lenders who have not been active in this sector for the past seven years; in other words, they did not participate during the peak of the current cycle.

"A whole new generation of lenders has emerged from the current economic situation," Gordon says. He adds that they're taking advantage of the downturn to carve out market share.