Hotels Buyers and Sellers Remain Deadlocked
With vaccinations beginning, existing owners of struggling hotel properties are making a renewed effort to wait out the pandemic rather than sell for deep discounts.
December 15, 2020 | Bendix Anderson | National Real Estate Investor
Investors have stashed away billions of dollars to buy hotel properties hurt by the economic chaos caused by the coronavirus. But that money is not being spent.
Even though the coronavirus continues to rage across the U.S., sellers are holding on to their properties. Lenders have been surprisingly generous with forbearance. And many current property owners are spending make debt service payments and keep their properties out of foreclosure.
“With the distribution of a nationwide vaccine… sellers and lenders are preparing to ‘hold on’ a bit longer,” says Skyler Cooper, regional manager and national director of the hospitality division for Marcus & Millichap.
