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Largest lodging (hotel) CMBS loans currently outstanding

Prompt

“List the 15 largest lodging (hotel) CMBS loans currently outstanding, with property city/state, current UPB, and most recent occupancy.”

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Response

From the latest Reg AB II Schedule AL filings, filtered to primary_property_type_code = 'LO' and ranked by actual_balance_amt:

Table redacted for illustration — run the query in chat for the live top-15 with property names, city, state, current UPB, and most recent occupancy.

What to look for:

  • Occupancy dispersion within lodging is enormous. The type-level 67% average conceals a wide distribution: leisure resorts and top-tier destination hotels operate in the 80-95% range, while single-property business-travel-dependent CBD hotels are still in the 45-65% range. The average is misleading — the tails are what matter for exposure.
  • Concentration in gateway metros. The largest hotel CMBS loans cluster in NYC, Chicago, DC, and San Francisco. That geographic concentration is why "lodging CMBS" and "urban business-travel CMBS" are effectively synonymous in the current outstanding book.
  • Maturity walls matter. Many of the largest hotel loans in the current outstanding pool were originated in the 2018-2019 window on 10-year terms. That book faces refinancing pressure in 2028-2029 that current rate levels + occupancy shortfalls make challenging.

Data source: SEC EDGAR Reg AB II Schedule AL (form ABS-EE). Filter: primary_property_type_code = 'LO' AND actual_balance_amt IS NOT NULL (primary loan pieces only, not secondary tranches) on each trust's latest filing period.

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