PHOENIX—What are some of the unknowns in the lending climate? It is on everyone's minds now in light of the severity of the last downturn. We asked that question of Heather Duvall managing director of Access Point Financial at the Lodging Conference last week in Phoenix. Duvall sat down with us for an exclusive interview to discuss the lessons learned from that last downturn, what's ahead for lending and what could be of concern in the future.

In this video interview, Duvall gave us a look at lessons learned as lenders continue to monitor supply and remain disciplined on how much leverage to put on a particular asset with more focus on loan to cost versus loan to value. She said she doesn't believe the industry overcorrected, as there are reasonable underwriting metrics in place and lenders are more sponsor-centric, looking for experience in the industry and with a current portfolio, with post-closing liquidity following the transaction. The unknowns are the Fed raising interest rates and Airbnb and the launch of new brands affecting supply. While uncertainties will always exist, lenders bake those into underwriting and an experienced sponsor will always have capital available to grow a portfolio, Duvall shared.

PHOENIX—What are some of the unknowns in the lending climate? It is on everyone's minds now in light of the severity of the last downturn. We asked that question of Heather Duvall managing director of Access Point Financial at the Lodging Conference last week in Phoenix. Duvall sat down with us for an exclusive interview to discuss the lessons learned from that last downturn, what's ahead for lending and what could be of concern in the future.

In this video interview, Duvall gave us a look at lessons learned as lenders continue to monitor supply and remain disciplined on how much leverage to put on a particular asset with more focus on loan to cost versus loan to value. She said she doesn't believe the industry overcorrected, as there are reasonable underwriting metrics in place and lenders are more sponsor-centric, looking for experience in the industry and with a current portfolio, with post-closing liquidity following the transaction. The unknowns are the Fed raising interest rates and Airbnb and the launch of new brands affecting supply. While uncertainties will always exist, lenders bake those into underwriting and an experienced sponsor will always have capital available to grow a portfolio, Duvall shared.