Hotel loans coming due. $18.7 billion of hotel bond loans matures in 2026, and nine metros show $638.6 million more for 2027.

Trepp counts $18.7 billion of hotel bond loans maturing in 2026. Most of it floats.

Trepp, as cited by the law firm FBT Gibbons, counts $18.7 billion of bond-backed hotel loans maturing in 2026, и 596 loans. Nearly 70 percent of that balance carries floating-rate terms. The figure covers hotel bond debt, not all hotel debt outstanding, so bank, life-company and agency hotel loans are not in it.

The loans are not all alike. FBT Gibbons says hotel loans originated in 2016 or 2021 may carry rates of 4 percent to 6 percent, while a new 2026 loan may come at 6 percent to 7 percent. A loan that matures in 2026 or 2027 and was written in the low-rate years refinances at a higher coupon, and the operator’s cash flow has to carry that.

The CRED iQ data covers a wider window, the conduit and single-borrower bond loans maturing from 1 September 2026 to 30 June 2027. Its hotel row shows a 6.17 % rate on the maturing loan against a 6.50 % new-origination rate, a reset of +32 basis points, the smallest gap of any property type in its table. Across all property types in that window the average note rate is 5.44 percent.

Read the national figures as the size of the problem, not its location. None of the sources names a 2027 national hotel total, and the metro pages below cannot be added up to one. How we counted the metros

Dallas and Los Angeles show the most visible 2027 maturities. Nashville and Columbus list every hotel loan they hold.

The metro pages list the hotel loans in each metro with their balance and maturity. Dallas-Fort Worth shows 28 hotel loans and $807.7 million in its summary, out of 253 loans in the metro, and lists the 130 largest. Of its hotel loans, 19 are listed. Four of those mature in 2027, worth $174.1 million, and one matures in 2026, worth $11.7 million.

Los Angeles lists 43 hotel loans, about $1.5 billion, и 13 of them. Three mature in 2027, $173.4 million, и Sixty Hotel Beverly Hills matures in August 2026 at $37.0 million; the page still lists it as outstanding, and we have not checked the loan file. Chicago lists 13 of its 28 hotel loans, and two of them mature in 2027, $91.7 million together. A JW Marriott loan in Chicago matured in August 2022 and is not counted here.

Nashville and Columbus list every hotel loan in the metro. Nashville has 16 hotel loans totaling $570.0 million, and three of them mature in 2027, $21.1 million. Columbus has 10 hotel loans, and one matures in 2027, a Residence Inn in Easton at $16.5 million. For these two the 2027 figure is complete, and it is small.

Four metros hide most of their hotel loans. New York lists 4 of 58 hotel loans, Atlanta 29 of 51, Houston 4 of 12 and Miami 12 of 22. Their totals are floors. A metro with no visible 2026 row may still have one on the loans the page does not list. How we counted the metros

A 2026 hotel loan may refinance at 6 to 7 percent. Its operator needs the cash flow for that rate, not the rate of the day it was written.

The gap is the story. A loan originated in 2016 or 2021 at 4 to 6 percent refinances at 6 to 7 percent today. CRED iQ’s new-origination rate for hotels is 6.50 percent, and its reset on the maturing hotel loans is only +32 basis points, because those loans were already priced close to the market. The reset is small, but the level is high: the maturing hotel loans carry a 6.17 percent coupon before the refinance.

For a lender the question is the debt yield and the extension option, not the headline balance. Trepp’s share of floating-rate hotel debt, nearly 70 percent, means the coupon on most of this balance moves with the index, and the loans with extension options are where a maturity can be pushed out rather than paid. We cannot see the extension terms of the loans on the metro pages, so the page does not count which loans can extend.

What this page does not replace: a loan-level read of the loan file, a licensed hotel appraisal, a property condition assessment, the operator’s profit and loss, and the market’s occupancy and rate data. A debt yield tells you about the loan. It does not tell you what the rooms earn.

Что с этим делать

If you lend on hotels or hold them through a fund: read each hotel loan against its own maturity date, its coupon, its extension terms and its operator’s cash flow. A national rate would hide the metros where the 2027 rows sit.

Реалист reads the credit file of a property loan, the offering memorandum, the operating statement and the collateral, and returns the issues and the questions for the borrower. The review sets a hotel loan’s maturity against the rate it must refinance at.