Huber Bongolan

Stimulus Talks Take on Urgency as Airline Layoffs Begin

Pascale’s Perspective by David Pascale, SVP @ George Smith Partners 
Read Date: 10/2020

  • The hotel sector has been hardest hit by the pandemic.
  • Permanent closures of high-profile hotels such as, The Luxe on Rodeo Drive in Beverly Hills and the “Crossroads of the World” Hilton on Times Square.
  • Experts indicate that without significant aid from Congress the wave of closures is just beginning.
  • CMBS has been the preferred loan execution for hotels for many years with $85 billion in outstanding hotel loans.
  • Statistics from Trepp, loans delinquency are at 23.4%, highest on record (December 2019 it was 1.3%).
  • Over 35% of CMBS loans are on servicer “watchlist” with 24% in special servicing now.
  • The hardest hit MSA’s are New York/Newark, Houston, Chicago, Dallas, LA, Atlanta. All major convention and business travel hubs.
  • Widespread distribution of an effective vaccine is estimated to occur in mid-2021 at best, so Congress must act or the industry will see waves of foreclosures over the next several months.

Published by Credible CRE

Huber Bongolan has 9 years of experience in commercial and residential real estate finance. Mr. Bongolan has sourced $700+ million in debt and equity financing for land, construction, bridge, and permanent deals in all product types. Huber received a double bachelors, Business Economics and International Studies, from UC Irvine where he graduated Cum Laude. He then earned a double masters, MBA and MRED, with Program Distinctions, from University of Southern California. Mr. Bongolan is an Eagle Scout in the Boy Scouts of America, and holds leadership positions in both ULI (Urban Land Institute) and FIIRE (Filipinos in Institutional Real Estate). He enjoys competitive sports, mentoring youth, and teaching personal finance. Huber also enjoys writing about Real Estate trending topics and education. His blog posts can be found on

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