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Hotel Performance Declines as Travelers Grip Their Wallets

Published Tuesday, July 14, 2009

The hotel industry is having a rough summer.  According to Fitch Ratings, hotel performance is in decline, and three loans of at least $100 million collateralized by defaulting hotel properties contributed to a record $2.2 billion net increase in U.S. commercial mortgage-backed securities (CMBS) delinquencies in June. Last month, 13 hotel loans totaling $596 million defaulted, including loans involving the $190 million Pointe South Mountain Resort in Phoenix and the $117 million Loews Lake Las Vegas, Fitch reports.  The $100 million Dream Hotel in New York also defaulted. Delinquencies are expected to grow. As of June 30, an ...

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