Thirty percent of hotel-backed loans mature this year, and the rate relief owners underwrote in their 2023 pro formas isn't coming. The gap between what borrowers assumed and what lenders are quoting is where equity goes to die.
Citigroup slashed its RLJ Lodging Trust position to $2.05 million... a rounding error for a bank that size. The interesting part isn't why Citi sold. It's what RLJ's full-year numbers say about who's actually making money in this portfolio.
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