The Refinancing Wall Is Sorting Hotels, Not Punishing Them
The maturity wall isn’t a distress story. It’s a sorting mechanism. The Mortgage Bankers Association puts $875 billion of commercial and multifamily mortgages due this year: 17 percent of everything outstanding, and 30 percent of all hotel loans—the highest share of any property type. The industry reads this as a wave that will wash owners out. What it will actually do is reveal who has options, after five years of operating and capital decisions. Three […]
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