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CMBS Delinquencies Tank In July As Bevy of Hotel Loans Resolve

Most loan resolutions were in the hotel sector, which accounted for $958 million of the total, followed by retail at $524 million.

By Lynn Pollack | August 09, 2021 at 07:00 AM

The Fitch Ratings’ US CMBS delinquency rate plummeted 22 basis points to 3.59% in July from 3.81% in June, as $1.7 billion in loans were resolved and fewer loans were delinquent.

The firm noted that most loan resolutions were in the hotel sector, which accounted for $958 million of the total, followed by retail at $524 million. The two largest resolutions were hotels: the $231 million Hammons Hotel Portfolio, which had been delinquent in June 2020 and was modified in May 2021, became current, and the $160 million Sheraton Grand Nashville Downtown loan was brought current using proceeds from the hotel’s sale in June.

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