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Luxury Hotels in U.S. Risk Default as $850 Rooms Remain Empty

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AGE OF AUSTERITY SPARES NO SUITE
"Loans secured by more than 1,500 hotels with a total outstanding balance of $24.5 billion may be in danger of default, according to Realpoint LLC, a credit rating company that tracks commercial mortgage-backed securities," Bloomberg reported. "Some of the biggest loans, put on the company’s watch list because of late payments, decreasing occupancies or cash flow, were made to luxury properties where rooms can cost more than $850 a night."
SOURCE:   Bloomberg

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