Hotel industry is in trouble and more lenders want out

As hotels across the U.S. continue to suffer — average occupancy is just under 50 percent — an increasing number of lenders are scrambling to sell their mortgages. Mack Real Estate Credit Strategies has hired Cushman & Wakefield to sell mortgages totalling $500 million tied to the Times Square Hotel in Manhattan and two St. Regis hotels in Washington, D.C. and Miami, according to Business Insider. In July, Wells Fargo hired Newmark Knight Frank to

source https://therealdeal.com/2020/09/23/hotel-industry-is-in-trouble-and-more-lenders-want-out/