The commercial mortgage-backed securities market is increasingly hotel-friendly and has started to embrace riskier debt. Investors are encouraged by the lodging sector, one of the healthiest of CMBS asset classes. The CMBS sector is also focused on the secondary and tertiary hotel market, and while these properties are being welcomed into securitized pools at greater rates, the deals can still be difficult to negotiate.
Partner Susan Booth said, “Underwriting tends to be tighter for that type of product than it is for the trophy product in the prime markets."
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