Citigroup’s latest securitization issued from its commercial mortgage trust offers up the usual mix of commercial real estate properties. But the pool's exposure to hotel properties has decreased significantly relative to recent conduits, according to Kroll Bond Ratings Agency.

Only 3.7% of the pool is exposed to hotels, lower than the typical 6.3% to 25% exposure in the last 20 CMBS conduits rated by Kroll. The decrease in hotel exposure is a good thing since hospitality assets can have more volatile cash flows than other property types due to their dependence on nightly room rates.

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