Hotel owners facing ‘unprecedented wave’ of foreclosures, group says
by Mike Shoro
Hotel owners are facing an “unprecedented wave” of foreclosures, without federal help with commercial debt relief, according to a Tuesday letter from the industry to Congress.
Nearly 1 in 4 hotels were at least a month late on their mortgage loan payments as of July, the highest figure on record, according to a recent report released by analysis firm Trepp. Just 1.34 percent of hotels were in the same boat at the end of 2019, the report said. Industry watchers said that figure is alarming, if expected.
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