Securitized hospitality loan delinquencies have been the highest in the CMBS market and tend to be the most volatile but one advisor, Mission Capital principal David Tobin, sees a relative improvement in them.

Multifamily, the property type with the next highest delinquency rate in the market, just saw a big jump in late pays (albeit one driven by large loans) according to Moody’s Investors Service. But the hospitality delinquency rate improved more than any other in 2010 “because where multifamily values reset every year hospitality values reset every day,” Tobin said.

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