Lending - with careful underwriting - is back

While there has been a new start to CMBS lending and hotel lending in general, do not get lulled into believing it is all sunny and you can easily refinance at 5% or less. There are only a few lenders who are active. Besides capacity issues, as rates have begun to rise, rates for borrowing are rising as well. The CMBS lenders all have capacity issues right now since there still is very limited bond issuance and hotels are only 10% or so of a...