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Ryan Bosch

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  • 3 min

$875 Billion in Commercial and Multifamily Mortgages, Including 30% of Hotel Loans, to Mature in 2026

🏨 $875 billion in commercial and multifamily mortgages are due in 2026, with 30% being hotel loans. Many loans from 2016, originally priced at 4.5%, now face interest rates between 6% and 7%. NOI and expenses have shifted, with labor costs permanently increased, and insurance renewals rising 5-15% (25-50% in high-CAT areas). A 12% debt yield can fall to 8.5%. Deferred renovations affect refinancing, and owners should assess their real debt yield and refinancing needs.
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  • 4 min

Hotel Market 2026: Top-Quartile Branded Assets Secure Competitive Refinancing Amid Rising Costs and Financing Challenges

🏨 Top-quartile branded assets in 2026 are refinancing into competitive five-year takeouts, while weaker assets struggle with lenders. Rate strategies from 2023-2024 now create disparities in profit, with select-service hotels outperforming full-service. Midweek business rebounds, driven by secondary markets' reshoring and healthcare. PIP costs have inflated 25-40%, and insurance renewals increased by 20-40%. Construction starts are below historical averages, protecting existing assets. Strategic refinancing and asset management are crucial for 2026's market, sorting hotels into "haves" and "have-nots.
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