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Trepp: Percent of delinquent CMBS loans rose to 7.15 percent in May

The increase over April’s 2.29 percent is largest the firm has recorded

EXPERTS WERE NOT surprised by the rise in delinquencies on commercial mortgage backed securities loans that happened in May. The size of the drop, however, was unexpectedly large, according to the Trepp research firm.

Trepp measured a 2.29 percent delinquency rate in April. By May the rate was 7.15 percent, the largest jump in delinquencies since the firm began tracking the metric in 2009. The rate could have topped 10 percent if the 8 percent of loans that missed their April payment had become 30 days delinquent.


“Many of the loans that were in the ‘grace’ or ‘beyond grace’ period either stayed in that category or reverted to “current,” keeping the jump in the delinquency rate from being worse,” said the Trepp report. “The numbers could head higher in June considering that about 7.6 percent of loans by balance missed the May payment but remained less than 30 days delinquent.”

  • The national CMBS delinquency rate was 2.66 percent one year ago and 2.34 percent six months ago.

The lodging delinquency rate rose 1642 basis points to 19.13 percent, higher than industrial, multi-family, office and retail. Also, 16.2 percent of all lodging loans were in special servicing in May, up from 11.4 percent in April.

The percentage of loans with the special servicer rose from 4.39 percent in April to 6.07 percent in May. Also, 19.9 percent of all loans were on a servicer watch list.

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PROPERTIES OF G6 Hospitality enrolled in its “G6 Revenue Management Services” program saw 11 percent year-over-year revenue growth in the first quarter of 2025, more than double the rate of the rest of the portfolio. They also recorded a 10 percent higher ADR than non-RMS properties.

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AIR INDIA WILL reduce international service on widebody aircraft by 15 percent through at least mid-July, according to media reports. The decision comes less than a week after the June 12 crash of an Air India airliner carrying 230 passengers and 12 crew members in Ahmedabad, India, that killed 246 but left one survivor among the passengers.

The airline said the reduced service due to the safety inspection of aircraft and ongoing geopolitical tensions in the Middle East, which have disrupted operations, resulting in 83 flight cancellations over the past six days, according to ABC News. Passengers can either reschedule their flights at no additional cost or receive a full refund.

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