Hotels Buyers and Sellers Remain Deadlocked
December 16, 2020
Investors have stashed away billions of dollars to buy hotel properties hurt by the economic chaos caused by the coronavirus. But that money is not being spent.Read the Full Article
Even though the coronavirus continues to rage across the U.S., sellers are holding on to their properties. Lenders have been surprisingly generous with forbearance. And many current property owners are spending make debt service payments and keep their properties out of foreclosure.
“With the distribution of a nationwide vaccine… sellers and lenders are preparing to ‘hold on’ a bit longer,” says Skyler Cooper, regional manager and national director of the hospitality division for Marcus & Millichap.