Lodging sector takes hardest hit from COVID-19

Approximately roughly 3,000 CMBS loans totaling more than $86 billion in outstanding balance are backed by hotel properties located across the United States, according to Trepp in its May report. The lodging sector is the third-largest property type by outstanding balance, accounting for more than 16 percent of the outstanding mortgage debt in the CMBS universe.

While more than one-quarter of this outstanding balance was backed by hotels located in multiple states, California and Florida each accounted for over 10 percent of the outstanding balance. In terms of outstanding balance by metropolitan statistical areas, Las Vegas tops the list, with more than $4.6 billion in balance followed by the New York City metro area ($4.5 billion) and the Miami metro area ($4 billion).

In terms of metro areas that are seeing a substantial impact, New York City, followed by Houston, has the largest lodging delinquent balance across the United States.

Among the top markets, New