How much hotel debt is maturing in 2026 and 2027?

Trepp's figure covers securitized hotel CMBS only.^[1] It does not include bank balance-sheet hotel loans, life company loans, SBA loans, or debt-fund paper, none of which Trepp's CMBS count covers. So $18.7 billion is a real, dated, checkable number for one slice of the market, and it is not the size of the hotel maturity wall.

The floating-rate detail matters more than the headline. If nearly 70 percent of that 2026 book floats, then SOFR, not the 10-year Treasury, is the number that decides whether those specific loans can extend.^[1] SOFR was 3.85% for September 17, 2026.^[4] A floating loan that was underwritten when SOFR was near zero has already repriced; the question for that borrower is whether the cap they bought is still in the money and what a replacement cap costs, which is covered on /hotel-financing/bridge-loans.

For 2027 we found nothing publishable. The Mortgage Bankers Association's maturity survey says 30 percent of hotel/motel loan balances come due in 2026, but it gives no hotel dollar amount and no hotel breakdown for 2027, only a $652 billion total for all commercial and multifamily loans maturing that year.^[2] Quoting that total here would imply a hotel figure that the release does not contain. The Federal Reserve publishes bank-held commercial real estate balances in H.8 with no hotel split at all.^[3] A larger, round-number, multi-year hotel figure covering 2026 through year-end 2027 circulates in the trade press and, until this update, in three articles on this site. We could not source it to any publisher, so we removed it from those articles and we do not restate it here, not even to knock it down. Adding an unknown 2027 book to a sourced 2026 figure and attributing the total to a research house is not sourcing. The reasoning is on /data/hotel-financing-statistics, which lists every figure we rejected and why.

That number, the gap between what the asset supports today and what you owe, is the only maturity statistic that changes what you should do. A national maturity total does not. The worked example below runs the arithmetic twice on the same hypothetical loan, once at a healthy NOI and once at a soft one, because the same balance produces two completely different conversations.

Three inputs move the answer and you can get all three in a week: your trailing twelve-month NOI from the P&L, your lender's stated coverage test, and today's index plus the spread a lender will actually quote you. The first two are yours. For the third, /rates publishes the index and says plainly which spreads are not published, and /hotel-financing/refinance walks the full process.

It is the reason a hotel with no payment history problem can end up in special servicing. The loan documents require the full remaining balance on a date. If the refinance does not close and the borrower does not write a check, the loan is in default on that date regardless of how the property is performing. That is a different event from a payment default, where the borrower misses a monthly payment because the property is not producing enough cash.

The practical difference is timing and leverage. A payment default is visible to the lender the month it happens. A maturity default is visible to both sides years in advance, on the term sheet, which is why it is the one kind of default an owner can usually prevent. /hotel-financing/loan-workouts covers what happens once a loan does transfer.

A lender taking back a hotel takes back an operating business: a franchise agreement with transfer conditions, a management contract, payroll, and a property condition assessment it has not seen. That is expensive and slow, which is why an extension on new terms, often with a rate reset, a partial paydown, a cash-management sweep and a funded reserve, is the common outcome for a loan that is current and covering.

The tendency weakens fast when the loan is not covering. The overall CMBS special servicing rate rose 33 basis points in August 2026 to 11.42%, its highest level since February 2013.^[5] Special servicing leads delinquency, because a loan transfers before it misses a payment. The lodging CMBS delinquency rate was 5.35% in July 2026, up 13 basis points on the month.^[6] Trepp reported a further lodging increase in August without publishing the August lodging number in any release we could open.^[5] So the direction is clear and the current level is not; we publish July's figure rather than an August figure we cannot source.

We are deliberately not naming brands or markets here. No public release we could open breaks hotel maturity or delinquency data down by flag or by metro, and inventing that breakdown from a handful of deals we happen to have seen would be a worse answer than saying so.

What the public data does support is a structural read. The stress concentrates where three things overlap: a floating-rate loan originated in the 2019 to 2021 rate environment, an asset that has not stabilized or that carries an unfunded brand-mandated PIP, and a sponsor without the liquidity to write a paydown check. Any one of those is manageable. All three together is the profile that transfers to special servicing. /hotel-financing/pip-and-renovation-loans covers the PIP-funding piece specifically.

Twelve months out, an owner has five real options: write a paydown check, negotiate an extension with the incumbent lender, bring in mezzanine or preferred equity, bridge to a later permanent takeout, or sell. Each of those takes time to arrange, and the ones that require a third party take the most.

The sequence that works is boring: value opinion first, because it prices the equity and it is what a new lender will size against; franchise and PIP status second, in writing, because an unquantified PIP stalls every other track; coverage test third, at a quoted rate rather than a remembered one. /hotel-financing/refinance-or-sell is the decision page for the last of the five options, and it is not a defeat. A sale at 14 months out is a normal disposition. A sale at 60 days out is a distressed one.

Inside 90 days, a new permanent lender generally cannot complete third-party reports, franchise approval and closing in time, which removes the competitive tension that would otherwise improve terms. What is still available: a short extension to create runway for a proper process, a forbearance while a takeout is arranged, and a paydown sized to whatever the incumbent needs to re-underwrite.

Go to the lender with the same package a new lender would want: trailing twelve-month P&L, a current STAR report, the franchise agreement and PIP status, and a written plan with dates. A borrower who arrives with that gets a materially different conversation than one who arrives asking for time. /hotel-financing/loan-workouts covers the mechanics from there.

Guide

How does hotel financing work, and what does it cost right now?

Other questions in this guide

• What is a loan workout and how does it work for a distressed hotel?
• How do I refinance a hotel loan before it matures?
• Should I refinance my hotel or sell it instead?
• What is a CMBS loan and how does it work for hotels?

Terms defined in the glossary

• Debt Service Coverage Ratio (DSCR)
• Net Operating Income (NOI)
• Debt Yield

Our own data

• Matthews Hotel Markets rate sheet
• Hotel financing statistics