Shadow bankers could be left picking up the tab if hotels fail

Billionaire investor Leon Black went big on hotels in the years following the Great Recession, as alternative lenders like his Apollo Global Management stepped into the void left when banks curtailed some of their riskiest lending due to new regulations. But now, as the Covid-19 pandemic slams into the hospitality industry, Apollo, Starwood Property Trust, Blackstone Mortgage Trust and others in the shadow banking system stand to lose more as their search for risky, higher-yielding

source https://therealdeal.com/2020/03/20/shadow-bankers-could-be-left-picking-up-the-tab-if-hotels-fail/