Greg Friedman, Peachtree Hotel Group CEO, joins "Squawk on the Street" to discuss how the coronavirus shutdowns have hurt the travel and hotel industry.The coronavirus outbreak is already causing a spike in commercial mortgage delinquencies in the hotel and retail sectors, a new analysis finds. The data speaks to a bigger fear haunting the commercial real estate industry: That Covid-19 could spark an even bigger mortgage crisis than the one in 2008, which devastated American homeowners. Commercial mortgage-backed securities, or “CMBS,” are vehicles that take the loans for properties such as apartment buildings, hotels, office buildings and shopping malls and package them into one investment product. CMBS loans account for about 15% to 20% of all commercial real estate mortgages today. Other lenders include insurance providers and banks. Hotel lodging was among the first industries to start to feel the pain of restrictions from coronavirus. Even before state governments began imposing stay-at-home orders, businesses curtailed travel. And large gatherings like conventions and concerts were canceled. Nearly 20% of all lodging CMBS loans are categorized as either “in grace period” or “beyond grace period,” according to data from Trepp, a New York-based research firm that tracks the CMBS market. That’s up from about 1.5% of such loans in March. Many of these payments would have been due by April 10, and still could be made. However, if this percentage sticks for the rest of the month, the dollar amount of these loans not paid on could reach $15 billion for the U.S. hotel sector, Trepp said. Retail CMBS loans not paid on in April have jumped to about 9% from 1.7% in March, Trepp said. If this percentage holds into May, the dollar amount of impacted retail loans could surpass $10 billion, the researcher said. The spike in late payments is an early indicator for just how bad things could get for retail and lodging real estate, according to Trepp. The numbers show a more than 10-times jump in hotel borrowers, so far, not paying their on loans in April, and about a five-times jump for retail, Trepp senior managing director Manus Clancy said. For more coronavirus live updates: For access to live and exclusive video from CNBC subscribe to CNBC PRO: » Subscribe to CNBC TV:» Subscribe to CNBC:» Subscribe to CNBC Classic: Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide. Connect with CNBC News OnlineGet the latest news: CNBC on LinkedIn: CNBC News on Facebook: CNBC News on Twitter: CNBC News on Instagram: #CNBC#CNBC TV