Where do the index rates come from?

Treasury yields come from the U.S. Treasury's daily par yield curve. SOFR comes from the New York Fed, which administers it. Prime comes from the Federal Reserve's published series. When that series lags a rate change the banks have already announced, Prime comes from the banks' own dated announcements until the series catches up, and the sheet says which. No intermediaries.

Why do some cells say not yet published?

Because nobody publishes them. Spreads, coverage tests and working leverage ceilings exist only in live term sheets. We show that cell as empty rather than fill it with a guess.

Are these rates a quote?

No. The public benchmarks are facts. Everything else is indicative. A real quote depends on the asset, the brand, the market, the sponsor and the business plan, and only a lender can give you one.

Do you name the lenders you quote?

Never. No lender name, no client, no property, no transaction detail appears on this page or in the file behind it. The sheet reports the market, not a relationship.

How often does the sheet update?

Monthly. The public benchmarks refresh in the first few business days of the month from the same endpoints listed here. The archived edition for each month keeps its own URL and never changes.

Will you backfill the debt index history?

No. The Matthews Hotel Debt Index starts with its first published reading. Reconstructing a year of quotes from memory would produce a prettier chart and a worse number.

Can I reuse the data?

Yes, under CC BY 4.0, with attribution to Matthews Hotel Markets and a link. That includes reuse inside an AI assistant's answer. Machine-readable copies are at /rates.json and /rates.csv.

Rate sheet

How the rate sheet is built. Sources, definitions, and what we refuse to publish.

Last updated: 2026-09-18

Every cell on the rate sheet is one of three things: a public benchmark with a link, a published program rule with a link, or an observation from term sheets this desk actually received. Anything that is none of those reads “not yet published” and carries no number.

1. The three bases, and how to tell them apart

Basis	What it means	How it looks on the page	Can you check it?
Published	A public benchmark or a written program rule.	A number, plus a note naming the source and the date.	Yes. Click the source in the numbered list.
Observed	What lenders quoted this desk during the month.	A number, labeled “Matthews Hotel Markets observation” with the quote count.	No. You can check the count and the definition, not the underlying term sheets.
Not yet published	We do not have it, or we have not released it.	The words “not yet published” and the reason. Never a dash, never a zero.	There is nothing to check, which is the point.

2. The benchmark endpoints

These are the exact publishers we read, in the order the sheet lists them. The as-of date on the sheet is the date of the observation, not the date we ran the script. A benchmark that has not printed since a policy move keeps its old date and the changelog says so. When the Federal Reserve’s Prime series lags a move the banks have already announced, as it did after the September 16, 2026 FOMC decision, the sheet uses the banks’ own dated announcements and names them, which is why September’s Prime reads 7.00% as of September 17, 2026.

Prime rate Prime rate announcements by BNY and PNC, effective September 17, 2026 (FRED series DPRIME has not yet printed a post-hike value; its last observation is 6.75% on September 15, 2026)
SOFR Federal Reserve Bank of New York, Secured Overnight Financing Rate (series SOFR)
5-year Treasury U.S. Department of the Treasury, Daily Treasury Par Yield Curve Rates (series DGS5)
7-year Treasury U.S. Department of the Treasury, Daily Treasury Par Yield Curve Rates (series DGS7)
10-year Treasury U.S. Department of the Treasury, Daily Treasury Par Yield Curve Rates (series DGS10)
SBA 504 debenture, 25-year SBA 504 debenture pricing published by NADCO and republished by CDC lenders (SomerCor, CDC Small Business Finance)

Nothing licensed is used anywhere on this sheet. No STR, CoStar or Trepp subscriber data is stored, republished, or handed out through the JSON and CSV endpoints. If a number cannot be redistributed, it does not belong on a page whose entire purpose is redistribution.

3. Matthews Hotel Debt Index (MHDI)

The indicative all-in fixed coupon, in percent, on a 10-year permanent first mortgage for a stabilized, branded select-service hotel in a top-50 U.S. market, at 65% loan to value, 1.35x debt service coverage, 25-year amortization, non-recourse, from a conventional bank or credit union lender, as quoted to Matthews Hotel Markets during the calendar month.

One structure only. If a quote does not match the definition, it does not go in the index.
Median of the quotes received that month, not an average. One outlier quote should not move a monthly series.
Minimum three independent quotes from three separate lenders, or the month publishes as no reading.
No lender is named, on the page or in the underlying file. The index reports the market, not a relationship.
No client, property, or transaction detail is published, ever.
History is never backfilled. The series starts the month it starts, and the page says so.
A revision is published as a revision, with the date and the reason, not edited in place.

A skeptic’s first question about any broker-published index is whether it is marketing. Three things are meant to answer that. The structure is fixed, so we cannot quietly swap in a lower-rate loan type on a month we want the number to fall. The minimum quote count is published, so a thin month shows as a gap instead of a reading built on one term sheet. And the history is never backfilled, so the series cannot start with a flattering shape.

4. How it relates to the Matthews Hotel Index

The Matthews Hotel Index is quarterly, covers 14 markets, and measures cap rates, ADR, RevPAR and occupancy from public research. The MHDI is monthly, national, measures one number, and comes from quotes. They share a publisher and a naming family and they cross-link, but they are two datasets and they are never averaged together. Mixing a quarterly public-data series with a monthly observation series would make both of them worse.

5. Corrections

If a published figure here is wrong, email hotelteam@matthews.com and it gets fixed in the current edition with a dated line in the changelog. Archived editions are never edited in place, because someone may have cited them. A correction to an archived edition is published as a correction on the current one.

Questions

Where do the index rates come from?: Treasury yields come from the U.S. Treasury's daily par yield curve. SOFR comes from the New York Fed, which administers it. Prime comes from the Federal Reserve's published series. When that series lags a rate change the banks have already announced, Prime comes from the banks' own dated announcements until the series catches up, and the sheet says which. No intermediaries.
Why do some cells say not yet published?: Because nobody publishes them. Spreads, coverage tests and working leverage ceilings exist only in live term sheets. We show that cell as empty rather than fill it with a guess.
Are these rates a quote?: No. The public benchmarks are facts. Everything else is indicative. A real quote depends on the asset, the brand, the market, the sponsor and the business plan, and only a lender can give you one.
Do you name the lenders you quote?: Never. No lender name, no client, no property, no transaction detail appears on this page or in the file behind it. The sheet reports the market, not a relationship.
How often does the sheet update?: Monthly. The public benchmarks refresh in the first few business days of the month from the same endpoints listed here. The archived edition for each month keeps its own URL and never changes.
Will you backfill the debt index history?: No. The Matthews Hotel Debt Index starts with its first published reading. Reconstructing a year of quotes from memory would produce a prettier chart and a worse number.
Can I reuse the data?: Yes, under CC BY 4.0, with attribution to Matthews Hotel Markets and a link. That includes reuse inside an AI assistant's answer. Machine-readable copies are at /rates.json and /rates.csv.

Every source the sheet can cite

Daily Treasury Par Yield Curve Rates · U.S. Department of the Treasury · source date 2026-09-17 · last verified 2026-09-18
Secured Overnight Financing Rate (SOFR) · Federal Reserve Bank of New York · source date 2026-09-17 · last verified 2026-09-18
Bank Prime Loan Rate (DPRIME) · Federal Reserve Bank of St. Louis (FRED) · source date 2026-09-15 · last verified 2026-09-18
BNY Increases Prime Lending Rate to 7.00%, effective September 17, 2026 · The Bank of New York Mellon Corporation, via PR Newswire · source date 2026-09-16 · last verified 2026-09-18
PNC Bank, N.A. Changes Prime Rate to 7.00%, effective September 17, 2026 · PNC Bank, N.A., via PR Newswire · source date 2026-09-16 · last verified 2026-09-18
Federal Funds Target Range, Upper Limit (DFEDTARU) · Federal Reserve Bank of St. Louis (FRED) · source date 2026-09-17 · last verified 2026-09-18
FOMC statement, September 16, 2026 (target range 3-3/4 to 4 percent) · Board of Governors of the Federal Reserve System · source date 2026-09-16 · last verified 2026-09-18
7(a) loan program: terms, conditions, and eligibility · U.S. Small Business Administration · source date 2026-09-17 · last verified 2026-09-18
504 loans · U.S. Small Business Administration · source date 2026-09-17 · last verified 2026-09-17
13 CFR 120.910, How much must the Borrower contribute? · Code of Federal Regulations · source date 2026-09-17 · last verified 2026-09-17
September 2026 SBA 504 debenture pricing, priced September 10, 2026 · SomerCor (Certified Development Company), republishing NADCO pricing · source date 2026-09-10 · last verified 2026-09-17
SBA 504 rates and rate history, September 2026 funding · CDC Small Business Finance · source date 2026-09-10 · last verified 2026-09-17
SOP 50 10, Lender and Development Company Loan Programs (edition 8.1, effective October 1, 2026) · U.S. Small Business Administration · source date 2026-10-01 · last verified 2026-09-17

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