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Hotel ground-up development faces a difficult financing and cost environment, but Access Point Financial’s (APF) report also identifies openings in extended-stay and luxury projects. LODGING’s October 6, 2026 summary of the five-page report points to high construction costs, elevated hotel borrowing costs, refinancing pressure, and operating margins still below 2019 levels. Its figures describe market conditions, not a guarantee that any particular hotel project can secure financing.
What APF’s report says about hotel construction lending
APF’s report, “I Will Gladly Pay You Tuesday for a Hamburger Today: The State of Hotel Construction Loans,” reviews the history of hotel construction lending, current conditions, and potential next steps. The underlying report and its bibliography are not available in the material summarized by LODGING, so the figures and observations below are attributed to LODGING’s October 6, 2026 account rather than presented as independently verified datasets.
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The summary describes a market in which many developers are choosing conversions, renovations, and property improvement plans (PIPs) instead of building from the ground up. A “like-new” renovation may cost less than a new-construction loan, but that general observation does not establish the economics of an individual property. Location, scope, existing building condition, brand requirements, and financing terms all affect a project’s feasibility.
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A free scan shows the junk files, broken settings and background clutter dragging Windows down - then fixes them in one click.Free scan · Windows 10 & 11LODGING also reports that hotel companies may pursue growth through acquisitions and partnerships while buyer and seller price expectations remain apart. That can support activity in existing assets without translating into an equivalent increase in new hotel construction.
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Why ground-up hotel projects face pressure
Construction costs remain elevated
According to LODGING’s summary of APF’s report, the Turner Building Cost Index rose 8% in 2022 and 6% in 2023, after averaging 1.9% growth in 2020–2021. The index stood at 1,552 in Q2 2026, up 5.15% year over year. These figures indicate continued cost pressure; they do not supply a project-specific construction budget or predict a particular bid.
Hotel debt is comparatively expensive
The summary places hotel 10-year fixed CMBS rates at 5.85%–6.85% as of July 2026, versus 5.50%–6.30% for multifamily or industrial. It also reports hotel construction and bridge financing at roughly 8%–10%, depending on structure and leverage. These are reported ranges for the periods stated, not quotes available to every borrower; rates and terms can change quickly.
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Maturities create refinancing competition
LODGING reports that roughly $48 billion in CMBS-era hotel loans mature in 2025–2026. Refinancing those loans can require debt service about 40% higher than on the original loans. At the same time, hotel gross operating profit per room was reported near 90% of 2019 levels. Together, refinancing needs and incomplete margin recovery can push owners and lenders to prioritize existing properties over new development.
Where the report sees opportunities
Extended-stay development
The report summary describes extended-stay projects as an exception to the generally weak new-development pattern, citing lower operating overhead and resilient demand. Those characteristics may make some proposals more attractive, but they are not proof of demand or profitability in a specific market.
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Luxury pipeline
LODGING’s account says 59 luxury hotels were under construction at the close of Q1 2026, amid what the report describes as undersupply and early-stage pipeline activity. The figure is a count of projects under construction at that point, not a measure of completed openings or a forecast of future performance.
Slower supply growth
The summary puts U.S. hotel supply growth at 0.5% as of early 2025, compared with a pre-pandemic year-over-year average of 1.3%. Slower supply growth can be relevant to a development case, but market-level supply figures alone do not establish that a proposed hotel will capture enough demand to repay its debt.
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Loan activity is rising, but that does not remove underwriting risk
LODGING reports hotel loan dollar volume increased 85% year over year in Q1 2026 and a further 19% year over year in Q2 2026. The figures signal increased lending activity in those quarters; they do not show that all loan types, markets, or borrowers had equal access to capital.
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1Scan for outdated or missing drivers - takes under a minute2Clear out junk files and repair common Windows errors3Fix the driver behind crashes, sound loss and screen glitchesAPF chief investment officer Dana Tsakanikas told LODGING: “Hotel development remains sluggish nationwide, but we are seeing meaningful exceptions in certain segments and locations.” She also said: “Based on the success rate of our existing client activity of late, we remain bullish on the ‘Build, Baby, Build,’ strategy.” The latter reflects APF’s stated view and client activity, not a market-wide guarantee.
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How to compare financing for a hotel project
A headline rate or maximum leverage figure is not enough to judge whether a loan fits a development or renovation. Compare the complete financing structure against the project budget, schedule, operating forecast, and exit plan.
- Purpose and eligible asset: Confirm whether the financing covers ground-up construction, a bridge period, renovation, a PIP, brand conversion, or FF&E—and whether the property and market qualify.
- Amount and leverage: Check the loan amount, how loan-to-cost or loan-to-value is calculated, and whether leverage applies to the full project or only eligible costs.
- Rate, fees, and term: Compare the interest rate with origination and other fees, maturity, extension options, and any prepayment terms.
- Repayment and borrower exposure: Review amortization, recourse, required reserves, guarantees, and the borrower’s obligations if costs rise or the project is delayed.
- Draws and execution: Understand construction draw conditions, inspection requirements, contingency rules, and what happens if the schedule or budget changes.
- Borrower requirements: Request the lender’s current underwriting criteria and documentation requirements. Public program descriptions do not establish approval or eligibility.
APF’s public program pages illustrate why a purpose-specific comparison matters, but they do not amount to a complete market survey. APF describes itself as a direct hotel capital provider and lists senior bridge, construction, mezzanine, and preferred equity financing.
| APF program | Publicly stated scope and terms | Important qualification |
|---|---|---|
| Construction financing | Development of new hotels in strong secondary markets; leverage up to 75% LTC/LTV; loan amounts of $10 million–$30 million | Larger projects are considered case by case. These are lender-stated terms, not a market-wide range or borrower approval. APF construction program |
| CAPEX financing | Renovations, PIPs, brand conversions, and FF&E for new construction; typical loans of $500,000–$10 million; amortization over asset useful life, typically 3–10 years | Terms are subject to change and underwriting. APF CAPEX program |
Before relying on any public rate, leverage, or loan-size figure, confirm current terms directly with the lender. For a live project, compare multiple financing proposals using the same assumptions for total cost, timing, draw schedule, repayment, and downside risk.
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