65% LTV Hotel Refinance, Non Recourse, Fixed Rate, 10 Year CMBS
Your hotel is stabilized. Your PIP is complete. Your RevPAR is strong. Now lock in the lowest permanent rate available, with non recourse terms that protect your personal assets.
PeerSense specializes in well capitalized hotel refinances. Minimum 30 to 35% equity required.
Last updated: ·By Ed Freeman, Capital Advisor. PeerSense
Hotel Refinance Advisory November 2026
What is hotel CMBS refinance?
Hotel CMBS refinance replaces a commercial mortgage backed securities loan on a hotel with new financing. As of November 1, 2026, PeerSense Capital Data records 179 hotel loans among 1,384 commercial mortgage backed securities loans of 10 million dollars or more in 2025 to 2026 trusts. The new financing is arranged before the existing loan matures or according to its terms.
PeerSense is a capital advisory firm, not a lender. PeerSense reviews the hotel and loan details, then places the file with direct capital sources; the client pays the fee. Hotel financing at PeerSense starts at 10 million dollars. The capital source sets the available amount, terms and requirements. For a maturing loan, confirm the maturity date and the payoff amount before starting the refinance process.
PeerSense Capital Data records 149 hotel sponsor deals of 10 million dollars or more, with a median size of 87 million dollars, as of November 1, 2026. Its records also show 179 hotel loans among 1,384 commercial mortgage backed securities loans of 10 million dollars or more in 2025 to 2026 trusts. These figures describe market financings, not PeerSense loans.
Does Your Hotel Refinance Fit?
Deals to discuss
- A hotel refinance with a requested amount of 10 million dollars or more
- A hotel loan in a commercial mortgage backed securities trust
Outside our range
- A hotel financing request below 10 million dollars
Capital Sources and Financing Figures
| Hotel sponsor deals of 10 million dollars or more | 149; median 87 million dollars |
|---|---|
| Hotel loans in commercial mortgage backed securities trusts | 179 of 1,384; 13 percent; 2025 to 2026 trusts |
| Active capital source records | 3,302 active records; 2,851 distinct capital sources; 1,771 with a stated loan size; 1,543 checked in the last 90 days |
These are capital source programs and market financings recorded in PeerSense Capital Data, not PeerSense loans; the data comes from property capital deals, ABS EE tapes, leads and Search Console.
As of November 1, 2026. Next refresh December 2, 2026. The data is dated November 1, 2026 and is refreshed monthly. Read the Methodology
Recent Hotel Financings
| July 2026 | Hotel loan financing | 65 million dollars |
|---|---|---|
| July 2026 | Hotel loan financing | 38 million dollars |
| June 2026 | Hotel loan financing | 101 million dollars |
| June 2026 | Hotel loan refinance | 115 million dollars |
| June 2026 | Hotel loan financing | 431 million dollars |
| June 2026 | Hotel loan refinance | 53 million dollars |
These financings are recorded by PeerSense Capital Data, not PeerSense transactions. Names are withheld.
Common Questions
- Can I refinance a hotel loan?
- PeerSense places hotel financing files with direct capital sources. Hotel financing at PeerSense starts at 10 million dollars. The capital source sets the available terms.
- What if my hotel loan is maturing and I cannot refinance?
- PeerSense can review a hotel refinance file starting at 10 million dollars and place it with direct capital sources. The capital source sets its requirements and terms.
- Can I refinance a maturing hotel loan before default?
- PeerSense places hotel financing files with direct capital sources, with a minimum size of 10 million dollars. Check the maturity date and payoff amount as you assess the file.
- What hotel CMBS refinance options are available in 2026?
- PeerSense Capital Data records 179 hotel loans among 1,384 commercial mortgage backed securities loans of 10 million dollars or more in 2025 to 2026 trusts. The capital source sets available refinance terms.
- What goes in a hotel refinance loan application?
- Requirements depend on the capital source. PeerSense starts hotel financing reviews at 10 million dollars. Confirm the source requirements for your file before preparing an application.
Prepared by
Edward L. Freeman, Managing Director, is accountable for the PeerSense Capital Data program. Its methodology is explained on the methodology page. Read the Methodology
Discuss a Hotel Refinance
Talk to PeerSense at (317) 452 6990 or use the booking page to discuss the hotel, loan balance and maturity date.
What's the hotel CMBS refinance rate at 65% LTV?
At 65% LTV, stabilized hotels qualify for CMBS non recourse fixed rate financing starting at approximately 6.25% for 10 year terms. This is the lowest cost permanent debt available for hotel assets. Post PIP properties with experienced sponsors are fast tracked through express conduit underwriting.
, PeerSense Capital Advisory · Updated November 2026.
Hotel CMBS Underwriting by Segment
Indicative CMBS conduit terms for stabilized hotel assets by brand and service level. Flagged hotels with established franchise agreements and post PIP renovations receive the most competitive execution. Unflagged independents and boutique resorts price wider to reflect tenant concentration and operating leverage risk.
| Property Type | Max LTV | Min DSCR | Term | Amortization | Rate Range | Recourse |
|---|---|---|---|---|---|---|
| Full Service Branded (Marriott / Hilton / Hyatt) | 65% | 1.40x | 10 yr | 25 to 30 yr | 6.75 to 8.25% | Non recourse |
| Select Service Branded (Courtyard / Hilton Garden / Hyatt Place) | 65% | 1.40x | 10 yr | 25 to 30 yr | 6.75 to 8.50% | Non recourse |
| Limited Service Branded (Holiday Inn Exp / Hampton / Fairfield) | 65% | 1.45x | 10 yr | 25 yr | 7.00 to 8.75% | Non recourse |
| Extended Stay (Residence Inn / Homewood / Home2) | 65% | 1.40x | 10 yr | 25 to 30 yr | 6.75 to 8.50% | Non recourse |
| Boutique / Soft Brand (Autograph / Curio / Tapestry) | 60% | 1.45x | 10 yr | 25 yr | 7.25 to 9.00% | Non recourse |
| Full Service Resort | 60% | 1.50x | 10 yr | 25 yr | 7.50 to 9.00% | Non recourse |
| Independent / Unflagged | 55% | 1.50x | 10 yr | 25 yr | 7.75 to 9.50% | Non recourse |
| Post PIP / Newly Renovated Flagged | 65% | 1.40x | 10 yr | 25 to 30 yr | 6.25 to 8.00% | Non recourse |
Full Service Branded (Marriott / Hilton / Hyatt)6.75 to 8.25% · 65% LTV
- Max LTV
- 65%
- Min DSCR
- 1.40x
- Term
- 10 yr
- Amortization
- 25 to 30 yr
- Rate Range
- 6.75 to 8.25%
- Recourse
- Non recourse
Select Service Branded (Courtyard / Hilton Garden / Hyatt Place)6.75 to 8.50% · 65% LTV
- Max LTV
- 65%
- Min DSCR
- 1.40x
- Term
- 10 yr
- Amortization
- 25 to 30 yr
- Rate Range
- 6.75 to 8.50%
- Recourse
- Non recourse
Limited Service Branded (Holiday Inn Exp / Hampton / Fairfield)7.00 to 8.75% · 65% LTV
- Max LTV
- 65%
- Min DSCR
- 1.45x
- Term
- 10 yr
- Amortization
- 25 yr
- Rate Range
- 7.00 to 8.75%
- Recourse
- Non recourse
Extended Stay (Residence Inn / Homewood / Home2)6.75 to 8.50% · 65% LTV
- Max LTV
- 65%
- Min DSCR
- 1.40x
- Term
- 10 yr
- Amortization
- 25 to 30 yr
- Rate Range
- 6.75 to 8.50%
- Recourse
- Non recourse
Boutique / Soft Brand (Autograph / Curio / Tapestry)7.25 to 9.00% · 60% LTV
- Max LTV
- 60%
- Min DSCR
- 1.45x
- Term
- 10 yr
- Amortization
- 25 yr
- Rate Range
- 7.25 to 9.00%
- Recourse
- Non recourse
Full Service Resort7.50 to 9.00% · 60% LTV
- Max LTV
- 60%
- Min DSCR
- 1.50x
- Term
- 10 yr
- Amortization
- 25 yr
- Rate Range
- 7.50 to 9.00%
- Recourse
- Non recourse
Independent / Unflagged7.75 to 9.50% · 55% LTV
- Max LTV
- 55%
- Min DSCR
- 1.50x
- Term
- 10 yr
- Amortization
- 25 yr
- Rate Range
- 7.75 to 9.50%
- Recourse
- Non recourse
Post PIP / Newly Renovated Flagged6.25 to 8.00% · 65% LTV
- Max LTV
- 65%
- Min DSCR
- 1.40x
- Term
- 10 yr
- Amortization
- 25 to 30 yr
- Rate Range
- 6.25 to 8.00%
- Recourse
- Non recourse
Indicative only, as of November 2026. Not a quote, commitment or offer of credit. Final pricing, leverage and terms are determined by the lender at underwriting, after full transaction materials are reviewed. PeerSense sources the file. The lender sets pricing. What these terms mean.
Indicative ranges as of November 2026. Individual deal pricing depends on LTV, DSCR, property type, tenant credit, sponsor track record, and market spreads at the time of rate lock. Contact PeerSense for a deal specific indication.
When Is a Hotel CMBS Ready?
How Do I Refinance My Hotel After Completing a PIP?
Many hotel operators use bridge loans to acquire and renovate properties. The bridge provides 12 to 36 months of runway to complete a Property Improvement Plan (PIP), stabilize occupancy, and build a trailing operating history.
After PIP completion, the property’s value increases, which lowers the effective LTV. With stabilized RevPAR and 12 months of post renovation operating history, the hotel qualifies for permanent CMBS financing at materially lower rates than the bridge.
Talk to PeerSense. The capital source sets the terms. The bridge terms, hold period, and reserve structure are all designed to ensure a smooth transition to permanent non recourse CMBS debt.
Sources & Uses Example: $10M Hotel Refinance
| Sources | Amount | Uses | Amount |
|---|---|---|---|
| New CMBS Debt (65% LTV) | $6,500,000 | Payoff Bridge Debt | $5,500,000 |
| Borrower Equity | $3,500,000 | Capital Reserve | $750,000 |
| Closing Costs | $150,000 | ||
| Working Capital | $100,000 | ||
| Total | $10,000,000 | Total | $10,000,000 |
What Is the Best Loan for a Stabilized Hotel at 65% LTV?
| Feature | Hotel CMBS | Bank / Conventional | SBA 504 |
|---|---|---|---|
| Rate Type | Fixed (10yr) | Variable or 5yr fixed | Fixed (25yr) |
| Rate Range | 6.25 to 9% | 7 to 10% | ~6.5 to 7.5% |
| Recourse | Non recourse | Full recourse | Full recourse |
| Max LTV | 75% | 65 to 70% | 90% (owner occupied) |
| Best For | Stabilized, long hold | Short hold, flexibility | Owner operated hotels |
| Assumable | Yes | No | No |
| Prepayment | Defeasance | Flexible | Standard |
What Triggers Special Servicing on a Hotel CMBS Loan?
Hotel CMBS loans are monitored by a master servicer throughout the loan term. If certain thresholds are breached, the loan is transferred to a special servicer, a fundamentally different and adversarial relationship. Understanding these triggers helps hotel owners stay proactive.
60 Day Delinquency
Missing two consecutive debt service payments triggers an automatic transfer to the special servicer. Once in special servicing, fees and legal costs begin accruing immediately.
DSCR Covenant Breach
If trailing twelve NOI drops below the DSCR threshold (typically 1.10x to 1.15x for ongoing monitoring), the master servicer may place the loan on a watchlist or escalate to special servicing.
Proactive Communication
Regular, transparent reporting to the master servicer on occupancy trends, RevPAR performance, and capital expenditures prevents “perceived” distress. Servicers escalate when they lose visibility into the property’s performance.
Capital Reserves
Maintaining adequate FF&E and capital reserves demonstrates the ability to weather vacancy periods and fund necessary improvements. Depleted reserves signal distress to servicers.
Why Hotel Owners Are Moving from Recourse Bank Debt to Non Recourse CMBS
Hotel owners with 35%+ equity in a $10M+ property are often tired of signing personal guarantees on bank debt. At 65% LTV, a hotel CMBS conduit loan is structured as non recourse. The property is the sole collateral. Your personal assets, other properties, and bank accounts are protected.
What "non recourse" actually means for hotel owners:
- Your personal guarantee is limited to standard "bad boy" carve outs including fraud, misapplication of rents, voluntary bankruptcy, failure to maintain insurance, and environmental violations, not market losses
- If the hotel's RevPAR drops or a flag change occurs, the lender's recourse is the property, not your net worth
- Loan is fully assumable. If you sell, the buyer can assume the CMBS debt without refinancing
- Fixed rate for 10 years eliminates the rate exposure that keeps hotel owners up at night
$48B+ in hotel CMBS loans are maturing in 2025 to 2026 (source: JLL/Matthews 2026 Hospitality Outlook). Conduit lenders are competing aggressively for hotel refinance volume from well capitalized sponsors. If your hotel has stabilized post PIP with strong RevPAR, this is one of the best refinance windows in years.
Size Your Hotel CMBS Refi in 60 Seconds
Enter your TTM NOI and property value. See max CMBS loan at 65% LTV, indicative rate, and whether you qualify for non-recourse pricing.
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Frequently Asked Questions
Direct Access to a Senior PeerSense Advisor, Not an Automated Call Center
PeerSense pre underwrites every hotel deal before presenting it to our conduit sources. With a curated network of institutional capital relationships and live market rate intelligence, we know which conduits are actively lending on hospitality, right now.
Fee at closing only · Complimentary initial consultation
Published by PeerSense Capital Advisory · Written by Ed Freeman, Founder. Updated March 2026.
Disclaimer: The information on this page is provided for educational purposes only and does not constitute financial, legal, or investment advice. CMBS rates, terms, and availability are subject to change based on market conditions, property characteristics, and borrower qualifications. The rate ranges cited reflect approximate CMBS conduit pricing as of March 2026 and may not reflect current market conditions at the time of reading. PeerSense sources capital through a curated network of commercial lenders and capital sources. All financing is provided by third party lenders subject to their own underwriting criteria and approval processes. Borrowers should consult with qualified financial and legal professionals before making any financing decisions.