Hotel CMBS loans
By Brad Beattie, Director, Capital Markets, Janover Capital LLC · Published
The median rate on hotel CMBS loans originated in the 12 months to October 19, 2026 was 7.02%, across 96 loans (SEC Form ABS-EE filings, as of October 28, 2026), 62 basis points above the all-property median. Whole loans were written at a median 61.1% loan-to-value and 1.77x debt service coverage.
- Median rate, 12 months
- 7.02%
- 96 loans; all types 6.40%
- Median loan-to-value
- 61.1%
- all types 63.9%
- Median DSCR
- 1.77x
- all types 1.47x
- Median debt yield
- 15.0%
- all types 10.1%
A hotel has no leases: its rent resets every night. That makes hotel cash flow the most volatile in commercial real estate, and CMBS lenders price and size hotel loans accordingly, with higher rates and more cash flow per dollar of debt than any other major property type.
Hotel CMBS rates
| Window | Loans | Median rate | Middle half | All property types |
|---|---|---|---|---|
| Last 90 days | 13 | 7.66% | 7.09% to 7.79% | 6.63% |
| Last 180 days | 32 | 7.44% | 6.99% to 7.76% | 6.56% |
| Last 12 months | 96 | 7.02% | 6.65% to 7.42% | 6.40% |
| 5-year loans, 12 months | 82 | 7.06% | 6.73% to 7.46% | 6.46% |
| 10-year loans, 12 months | 14 | 6.68% | 6.50% to 6.98% | 6.19% |
Original note rate, windows ending October 19, 2026. A median is shown when at least 10 loans are in the window. Full rate tables for every type: CMBS loan rates.
How hotel CMBS loans are underwritten
Whole hotel loans in the 12 months to October 19, 2026 (71 loans with full underwriting data) were written at a median 61.1% loan-to-value, lower than the all-property median of 63.9%. Median coverage was 1.77x and median debt yield 15.0%, against 1.47x and 10.1% across property types. Lenders ask for more cash flow per dollar of debt on hotel than on most property types.
| Measure (at securitization) | 25th percentile | Median | 75th percentile | All types, median |
|---|---|---|---|---|
| Loan-to-value | 54.9% | 61.1% | 65.0% | 63.9% |
| Debt service coverage (NCF) | 1.61x | 1.77x | 2.00x | 1.47x |
| Debt yield (NOI) | 13.9% | 15.0% | 16.3% | 10.1% |
| Occupancy | 66.0% | 72.8% | 79.4% | 94.4% |
| Loan size | $10.5M | $19.0M | $34.8M | $15.0M |
Leverage, coverage and debt yield on whole loans only; loan size on every loan. "All types" leaves out co-op housing. See DSCR, debt yield and the loan calculator.
- Under $5M 2 (2%)
- $5M to $10M 12 (13%)
- $10M to $25M 45 (47%)
- $25M to $50M 19 (20%)
- $50M and up 18 (19%)
Term and interest-only
- 85% five-year terms, 15% ten-year
- 67% interest-only for the full term (all types: 87%)
- 7% interest-only for part of the term, then amortizing
See interest-only CMBS loans and CMBS loan terms.
Who is making hotel CMBS loans
Wells Fargo originated the most hotel CMBS loans in the 12 months to October 19, 2026, with 15 loans totaling $682 million. Counts are by the originator named in each trust's filing; a loan with two originators counts for both.
- Wells Fargo 15 ($682M)
- Barclays 15 ($438M)
- Bank of America 14 ($385M)
- Morgan Stanley 12 ($231M)
- Citi 10 ($836M)
- Deutsche Bank 8 ($895M)
- Goldman Sachs 6 ($684M)
- Argentic 5 ($95.5M)
Recent hotel loans in CMBS trusts
| Property | Location | Amount | Rate | Term | Originated | Lender |
|---|---|---|---|---|---|---|
| Holiday Inn Hasbrouck Heights | Hasbrouck Heights, NJ | $19.0M | 8.32% | 5 yr | October 16, 2026 | Citi |
| Staybridge Suites - Pecos, TX | Pecos, TX | $10.2M | 7.61% | 5 yr | October 16, 2026 | Argentic |
| Hilton Beachfront Resort & Spa Hilton Head Island | Hilton Head Island, SC | $55.0M | 6.66% | 5 yr | September 3, 2026 | Wells Fargo |
| Palm Mountain Resort | Palm Springs, CA | $13.5M | 7.13% | 5 yr | September 1, 2026 | Wells Fargo |
| Tapestry Grace Bay | Not reported | $29.0M | 8.07% | 5 yr | August 7, 2026 | Bank of America |
| Springhill Suites Vernal | UT | $10.5M | 7.02% | 5 yr | August 7, 2026 | Wells Fargo |
| Hampton Inn & Fairfield Inn Mansfield | OH | $10.1M | 7.75% | 5 yr | August 7, 2026 | Bank of America |
| Towneplace Suites Vernal | UT | $8.0M | 7.02% | 5 yr | August 7, 2026 | Wells Fargo |
The latest loans in the filings, from public SEC records. Property links go to the loan's page on cmbs.news, which lists every hotel loan in CMBS. Lender rankings for all types: CMBS lenders.
Hotel CMBS maturities and distress
1,275 hotel loans with $30.1 billion outstanding are still in CMBS trusts. 429 loans ($9.0 billion) mature in 2027 and 2028. Of the 2027 maturities that could be tested, 0% had net operating income at securitization under 9% of today's balance, a rough sign they may need new equity or a different lender to refinance. 2.9% of live hotel loans are 60 or more days delinquent and 4.6% are with a special servicer, against 3.0% and 4.3% across all property types.
| Year | Balance | Loans |
|---|---|---|
| 2026 | $503M | 32 |
| 2027 | $4.1B | 196 |
| 2028 | $5.0B | 233 |
| 2029 | $7.7B | 344 |
| 2030 | $5.7B | 173 |
| 2031 | $2.1B | 86 |
| 2032 | $1.4B | 69 |
Live loans by effective maturity year; 2026 includes loans already past maturity and still outstanding. How the shortfall test works, and the wall for every type: CMBS maturity wall. Loan-level lists by year: cmbs.news maturity wall.
What lenders look at on a hotel loan
Trailing performance and the comp set
Underwriting starts from trailing twelve-month revenue and NOI, with occupancy, average daily rate and RevPAR measured against a competitive set of nearby hotels.
Franchise agreement and comfort letter
For a branded hotel, lenders want the franchise agreement to run well past the loan term, and a comfort letter from the franchisor agreeing to keep the flag in place if the lender takes over the property.
Property improvement plan (PIP)
Brands require renovations on a schedule and often at a sale or refinance. A required PIP is usually funded at closing or reserved for, and it can change how much a loan can be.
FF&E reserve
Furniture, fixtures and equipment wear out fast. Hotel loans almost always carry a monthly reserve for replacing them, set as a share of revenue in the loan agreement.
Seasonality and management
Seasonal hotels may need a reserve to cover debt service in slow months. Lenders also review the management company and its agreement.
Is a CMBS loan the right fit?
CMBS is one of the main sources of non-recourse hotel debt, for flagged select-service and full-service hotels alike. Owners facing a PIP should price the renovation into the refinance.
Related: CMBS reserves · CMBS loan requirements · CMBS vs bank loans · all property types compared
Source: SEC Form ABS-EE asset-level filings (Schedule AL) for CMBS trusts, compiled by cmbs.news; data as of October 28, 2026. Pari passu pieces of one loan are counted once. How each figure is built: methodology. Download the tables: CMBS data (CSV).
Questions people ask
What is the current rate on hotel CMBS loans?
The median original rate on hotel CMBS loans originated in the 12 months to October 19, 2026 was 7.02% across 96 loans; the middle half ran from 6.65% to 7.42%. Loans from the last 90 days had a median of 7.66% (13 loans). Source: SEC Form ABS-EE filings as of October 28, 2026.
How much leverage can I get on a hotel CMBS loan?
Whole hotel loans securitized in the 12 months to October 19, 2026 had a median loan-to-value of 61.1%, with the middle half between 54.9% and 65.0%. Leverage is usually capped by coverage and debt yield before value: the median debt yield was 15.0% and median DSCR 1.77x.
Who makes hotel CMBS loans?
In the 12 months to October 19, 2026, the most active originators of hotel CMBS loans were Wells Fargo (15), Barclays (15), Bank of America (14), counting loans by originator in the trusts' filings.
How many hotel CMBS loans mature in 2027 and 2028?
429 loans with $9.0 billion outstanding, of the 1,275 hotel loans still in CMBS trusts as of October 28, 2026.
Financing a hotel property?
Send the deal. Janover Capital LLC will ask CMBS, bank and life company lenders to price it.