New York City has seen a spate of high-profile hotel loans go into default in recent months, and challenging market fundamentals certainly aren’t helping. The average daily room rate for New York hotels dropped to $255.16 last year — the lowest point since at least 2013 — the Wall Street Journal reported, citing data from STR. And with more than 22,000 hotel rooms in the pipeline, that figure is set to weaken further. A $260
source https://therealdeal.com/2020/02/18/more-nyc-hotel-loans-are-defaulting-as-room-rates-fall/
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