Late Checkout: Lodging Delinquencies Vary by Price Class and Chain

The CMBS lodging 30+ day delinquency rate peaked at 23.2% in June 2020 before falling precipitously from pandemic-era highs to mid-single digits in 2022, where it has since remained relatively stable (see Figure 1). The delinquency rate stood at 6.4% as of March 2026, compared to 6.5% in March 2025 and 5.3% in March 2024.

Lodging fundamentals have weakened, with revenue per available room (RevPAR) declining and turning negative on a year-over-year (YoY) basis in 2025. A closer look beyond the headline RevPAR and delinquency figures reveals a growing divergence in performance across hotel price classes that may prove persistent. This KBRA report examines those differences and highlights credit performance across hotel chains, brand parent, and geographic markets. To provide additional context, the analysis identifies the hotel chains and brand parent with the largest delinquent balances, highlighting where delinquency exposure is most concentrated within the CMBS lodging sector…