Complicated Mortgages Put Arizona Hotels In Financial Danger
Most hotel rooms in the Valley sit empty right now. And mortgages on those properties may go unpaid as a result. That’s why hotel owners are asking for federal help as the hospitality industry is decimated by the coronavirus. But there’s a complication.
Hotel owners in the valley owe more than $2 billion to lenders through a complicated type of mortgage that will require special action. Without it, the hotel industry is warning the fallout could be great.
Phoenix Business Journal reporter Brandon Brown wrote about the plea for help. He joined The Show to talk about it.