Hotel industry leaders are calling on Congress to pass bipartisan legislation to assist the commercial real estate industry, as a new report predicts a historic number of hotel foreclosures due to the COVID-19 pandemic.
A new national report compiled by Trepp shows that 23.4 percent of hotel loans are delinquent by at least 30 days as of July 2020, "the highest percentage on record." That's compared to the 1.34 percent of loans delinquent by 30 days or more at the end of 2019.
And $20.6 billing in hotel commercial mortgage-backed securities loans were 30 or more days delinquent as of July, compared to $1.15 billion in December 2019.
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Jacqueline Thomsen
Jacqueline Thomsen, based in Washington, is a reporter covering D.C. federal courts and the legal side of politics. Contact her at [email protected] and follow her on Twitter @jacq_thomsen.
