Manhattan’s hotel oversupply threatens $731M in CMBS loans: Morningstar
Manhattan hotel developers have overbuilt, and incomes at new and existing hotels are unlikely to hit industry projections, according to a new report from research firm Morningstar Credit Ratings.
That could mean trouble ahead for some CMBS investors, as loans worth about $731 million, roughly a fifth of the $3.68 billion Manhattan hotel-backed CMBS market, see elevated default risk over the next two years, researchers found.
Loans backed by properties such as the Flatiron Hotel at 9 West 26th Street, the Hampton Inn South Street at 320 Pearl Street in the Financial District and the MAve Hotel at 62 Madison Avenue in Nomad are among the most threatened, according to Morningstar’s projections.
Mentions
- The Real Deal
- Fletcher Street Marriott Hotel
- Lam Group 25th Street Renaissance Midtown Hotel
- 1205 Broadway Virgin Hotel
- Four Seasons Hotel
- LAGUARDIA HOTEL
- HOLIDAY INN WALL STREET
- Courtyard by Marriott at Javits Convention Center
States
- New York
Videos
Subscribe for News
Site Digest
Join Professionals on EB5Projects.com →
Securities Disclaimer
This website is for informational purposes only and does not constitute an offer or solicitation to sell shares or securities. Any such offer or solicitation will be made only by means of an investment's confidential Offering Memorandum and in accordance with the terms of all applicable securities and other laws. This website does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or any invitation to offer to buy or subscribe for, any securities, nor should it or any part of it form the basis of, or be relied on in any connection with, any contract or commitment whatsoever. EB5Projects.com LLC and its affiliates expressly disclaim any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from: (i) reliance on any information contained in the website, (ii) any error, omission or inaccuracy in any such information or (iii) any action resulting therefrom.
