Roughly 3,000 CMBS loans totaling more than $86 billion in outstanding balance are backed by hotel properties located across the United States, reported Trepp. 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 a 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 (MSAs), the Las Vegas MSA tops the list, with more than $4.6 billion in balance, followed by the New York MSA ($4.5 billion), and the Miami-MSA ($4.0 billion).
In terms of MSAs that are seeing a substantial impact, the New York MSA, followed by Houston, has the largest lodging delinquent balance across the United States. Indeed, according to STR, among the top markets, New York, followed by Chica
