Over the past 24 months, JLL's Hotel Investment Banking team has sourced nearly $8 billion of hotel loans, giving us keen insights into the state of the hotel debt markets. Based on the underlying strength of the economy, hotel fundamentals and lender demand, we expect 2018 to be an exceptionally strong year for financing.
All major lender types (Banks, CMBS and debt funds) are actively originating hotel loans, and lender sentiment is overwhelmingly positive. Beginning in early 2017, this trend coincided with improvements in public debt and equity markets, continued RevPAR growth and the lodging sector's strong performance relative to other asset classes. JLL expects these trends to continue in 2018, led by additional spread compression of 50-75 bps, greater liquidity and more aggressive underwriting and loan structures.
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