JP Morgan and Deutsche Bank are marketing $893 million of commercial mortgage bonds with unusually heavy exposure to office buildings and hotels, according to Fitch Ratings.

JPMDB Commercial Mortgage Securities Trust 2016-C2 is backed by 30 loans secured by 70 properties. Offices represent 39.8% of the pool and hotels represent 19.9%. That compares with an average office exposure of 23.5%  office  and hotel exposure of  17%  in deals rated by Fitch in 2015. Hotels have a higher probability of default in Fitch’s multiborrower model because nightly rates fluctuate highly.

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