Source: The Wall Street Journal
By Craig Karmin and Konrad Putzier
June 29, 2020
Lawmakers and businesses are pushing the U.S. government to offer debt relief to hundreds of small hotel owners who borrowed with the help of bond markets.
But the biggest beneficiaries of any assistance could be large real-estate owners affiliated with properties that owe troubled hotel debt, according to an analysis by hotel union Unite Here International, which analyzed public filings and data from research firm Trepp LLC as of June 16.
The hotel owner with the most money in these troubled commercial mortgage-backed-securities loans is Monty Bennett. The Dallas businessman is affiliated with companies including Ashford Hospitality Trust AHT -13.23% and Braemar Hotels & Resorts BHR -1.63% that had loans valued at nearly $2.3 billion with special servicers, according to Unite Here’s analysis of the Trepp data.
Cecil P. Staton, CEO of the Asian American Hotel Owners Association, said his organization supports government aid related to troubled CMBS loans.