Report: Hotel Industry Facing Historic Wave of Foreclosures

AHLA | August 18, 2020

WASHINGTON (August 18, 2020) – A new national report shows  that the hotel industry is facing a historic wave of foreclosures as the COVID-19 pandemic continues to devastate small business hotel owners and its workforce. Since the beginning of the pandemic the hotel segment has faced a historic number of delinquencies and is the most heavily hit sector of the commercial mortgage-backed securities (CMBS) market. Nearly 4,000 hotel industry leaders sent an urgent letter to Congress urging immediate action to help hotels avoid foreclosure and the loss of tens of thousands of jobs. The report, compiled by Trepp, shows that the percentage of...