Hospitality
Hotel capital, built around the business plan.
Hotels finance differently than other CRE. Brand affiliation, operator, PIP scope, and RevPAR trajectory all drive structure. We match each business plan to the capital provider equipped to underwrite it.
Market Commentary
Where the capital is, right now.
United States
US hotel financing has recovered meaningfully from the 2020 to 2022 dislocation. Select-service and upscale full-service assets with stabilized RevPAR finance through CMBS, debt funds, and select banks at 55 to 65 percent LTV. Construction and major repositioning remains the domain of debt funds and specialist lenders, typically 60 to 65 percent LTC non-recourse with PIP structures and completion guarantees at the operator or GC level.
United Kingdom
UK hotel financing is dominated by a short list of clearing banks, UK branches of North American lenders, and specialist hotel debt funds. Central London and leisure destination assets attract the deepest liquidity. Regional UK hotels transact primarily through relationship bank financing and specialist funds.
Capital Sources
Active lenders for hospitality.
The lenders who are actually transacting today, by capital type and typical profile.
Debt funds
Non-recourse acquisition, bridge, and construction for hotel sponsors, with PIP structures and earn-outs on operational milestones.
CMBS
Competitive fixed-rate for stabilized larger assets with brand affiliation and sustained RevPAR.
Banks
Relationship-driven senior for established hotel operators, typically with partial recourse and cash management triggers.
SASB
Single-asset single-borrower CMBS for larger trophy and resort assets.
Execution
What we place.
Sector-specific execution across the full capital stack, structured around the business plan rather than a template.
Brand conversion and repositioning financing
Acquisition and bridge capital for value-add business plans
Construction financing for new-build hotels
Portfolio recapitalizations across branded and independent operators
Selected Deals
Hospitality transactions.
Refinancing of middle market luxury ski resort property
Bridge financing for middle market historic hotel renovation
More Hospitality
Recent activity in the sector.
Newsletter
Stay current on hospitality capital markets.
Quarterly sector commentary, capital stack benchmarks, and selected transaction highlights.
Ready to Transact
Working on a hospitality deal?
Send us the basics. We'll come back with a capital strategy, indicative pricing, and the short list of lenders worth talking to.