Partner Cliff Risman was quoted in a Skift article, “What Happens When a Massive Wave of Hotels Default?” about the large number of U.S. hotel owners at risk of defaulting on their mortgages due to the coronavirus pandemic.
Risman questioned how many hotel foreclosures will actually materialize because of the high volume that would occur if banks or commercial loan servicers played hardball. “I think a lot of the lenders learned some very good lessons in the last downturn,” he said. “If the lender could foreclose and change a flag or management company and operate better or differently, yeah they would. But this is a problem that changing a flag and management company isn’t going to fix.”
