There are $1.47 billion worth of CMBS loans on NYC hotels that have gone unpaid. That’s the largest wave of hotel delinquencies in the country… In NYC, occupancy rates stand at 41 percent, a 54 percent decline from the same time last year. That could be in part a result of the state’s 14-day quarantine requirement for travelers from states where Covid-19 infections exceed 10 percent.
- Extended-Stay Hotels continue to outperform sector: Real-estate investment trusts that specialize in the category look like a relatively safe bet in the battered lodging sector. Chatham Lodging Trust, Apple Hospitality and Summit Hotel Properties in particular have been able to keep the lights on in most of their hotels. (Crain’s+TRD+WSJ)