Hotel & Hospitality Financing: How Lenders Underwrite (RevPAR, ADR, EBITDA)
Hotel financing is the most operationally intensive corner of commercial real estate lending, because a hotel is an operating business as much as a building. Lenders underwrite the income statement — RevPAR, ADR, occupancy, and house-level EBITDA — alongside the flag, the franchise agreement, and any required property improvement plan (PIP). Leverage and pricing reflect […]
