Thousands of hotels face refinancing pressure, creating risks and opportunities in the years ahead

The U.S. hotel industry is heading toward a critical refinancing window as commercial mortgage-backed securities (CMBS) near maturity. Between October 2025 and December 2028, loans on roughly 1,900 hotels with 315,000 rooms will come due, with nearly $800 billion in outstanding debt. The average interest rate across these loans is 6.5%, reflecting a lower-rate origination environment that will be difficult to replicate in today’s more restrictive lending climate.