The loss numbers from 2010 to 2019 are staggering, with an average realized loss of 50.1% (slightly higher for limited-service hotels, slightly lower for full-service hotels). The data set includes more than 700 CMBS loans with a balance of more than $9 billion (excluding single-asset, single-borrower (SASB) and large portfolio loans). Why are the numbers for that time period so high? Several reasons.
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