The US CMBS has been put under more pressure by a crisis in the New York hotel industry.
Four out of five hotels in the city, which underpin nearly $4bn of commercial mortgage bonds, are now showing strain, with investors worrying whether repayments will be made.
Vijay Dandapani, chief executive of the Hotel Association of New York City, said that if half the city’s 640 hotels survive it will be a “great” outcome.
