Hotel Rates and Lending: Treasury, SOFR, CMBS and Cap Rates
A live snapshot of the rates that price hotel debt — the 10-year Treasury, SOFR and the fed funds target — plus Trepp lodging CMBS delinquency, survey and transaction cap rates, and recently closed hotel loans.
Last updated: October 30, 2026, 8:55 a.m. CT · Rates re-checked against Treasury.gov and the NY Fed. FOMC decision for Oct. 28: held at 3.75–4.00%.
Rates snapshot
10-year: U.S. Treasury Daily Par Yield Curve (Oct. 29 close; 5.05% on Oct. 28). SOFR: NY Fed (3.94% for Oct. 29; volume $3,145bn). The effective fed funds rate was 3.88% on Oct. 29. Fed funds: on Oct. 28, 2026 the FOMC held the target range at 3.75–4.00% by a 10–2 vote, with Governor Lisa Cook and Cleveland Fed President Beth Hammack dissenting in favor of a quarter-point hike. The Fed said inflation “remains elevated” and that more information will guide its next move, so floating-rate hotel debt keyed to SOFR gets no relief for now (Oct. 28 FOMC statement).
Hotel CMBS delinquency
Trepp CMBS Delinquency Report September 2026 (published Oct. 2): lodging 30+ day delinquency rose 34 bp to 6.18%, helped by a $280 million Santa Monica beachfront hotel loan. Overall CMBS delinquency hit 8.02%, the highest since November 2020. Lodging special servicing was 8.95% in September (Trepp, Oct. 13). October 2026 delinquency report not yet published as of this refresh.
Cap rates
| Source | Segment | Rate | As of |
|---|---|---|---|
| USRC Hotel Investor Survey | Limited-service overall | 8.7% | Mid-Year 2026 |
| USRC Hotel Investor Survey | Full-service overall | 8.0% | Mid-Year 2026 |
| HVS / MSCI RCA | U.S. transaction average | 7.7% | Q2 2026 |
| HVS | Stabilized / near-stabilized (typical) | 8.0–8.5% | Aug. 2026 |
| Newmark V&A | Select-service Class A going-in | 8.00% | Mid-Year 2026 |
| Newmark V&A | Limited-service Class A going-in | 8.50% | Mid-Year 2026 |
| Newmark V&A | Luxury Class A going-in | 6.25% | Mid-Year 2026 |
USRC via Hospitality Investor (Oct. 15, 2026); HVS U.S. Market Pulse August 2026; Newmark V&A Mid-Year Update 2026. Survey and transaction caps are not directly comparable.
Recent hotel loans
| Date | Property | Keys | Amount | Lender | Rate / notes |
|---|---|---|---|---|---|
| Oct 29 | Graduate by Hilton Princeton, Princeton, NJ | 180 | $52M | GreenOak (CBRE arranged) | Refinance for AJ Capital Partners; 3-yr term + two 12-mo extensions (Commercial Observer) |
| Oct 28 | Residence Inn by Marriott, Jacksonville, FL | — | $17.5M | Not disclosed (Pinnacle Hotel Finance arranged) | Refinance for Baywood Hotels; 5.80% rate held despite 75+ bp rise in 5-yr Treasury |
| Oct 26 | Host Hotels senior unsecured facility (corporate) | — | $2.5B | BofA admin; Wells / JPM co-syndication | Revolver SOFR + 65–135 bp |
| Oct 26 | The Barn Hotel, Gettysburg, PA | 70 | $12.75M | Peachtree Group | 12-mo bridge; USDA / C-PACE takeout planned |
| Oct 26 | 141-key hotel (unnamed), Branson, MO | 141 | $9.25M | Life company via Largo Capital | Fixed; rate resets every 3 years |
| Oct 24 | Hyatt Regency Houston Downtown | 955 | $100.4M | Derby Lane Partners | Refinance; Apollo / Haberhill JV |
| Oct 23 | Pendry Hotel & Residences Nashville (mezz) | 180 | $75M | Access Point / InterVest; Bank OZK senior | Construction mezzanine |
| Oct 22 | Hilton Miami Downtown / Omni Center | 527 | $500M | Lender group; Wells Fargo agent | Genting / Resorts World Omni refi |
| Oct 20 | SREE Hotels 3-property portfolio (NC / SC) | — | $51M | Truist | 5-year; ~65% LTV |
| Oct 14 | Grand Hyatt Indian Wells | 531 | $210M | Citi | 5-year SASB; arranged by JLL |
| Oct 7 | Arlo Hotels 6-property SASB (JPMCC 2026-ARLO) | 1,867 | $500M | JPMorgan | Term SOFR + ~276 bp initial WA |
| Oct 7 | Hyatt House Seattle/Downtown | 172 | $30.8M | Not disclosed (JLL arranged) | 5-year floating, hedged |
Deal rows drawn from the Hotelier Times rates pack (rates_2026-10-26.csv) and the linked primary sources. Blank rate fields mean the source did not disclose pricing.
Sources
- U.S. Treasury Daily Par Yield Curve Rates
- NY Fed SOFR API
- FOMC statement, Oct. 28, 2026
- FOMC statement, Sept. 16, 2026
- Trepp CMBS Delinquency Report, September 2026
- HVS U.S. Market Pulse, August 2026
- Hospitality Investor / USRC Mid-Year 2026
- Hotel Realtor: Florida hotel secures $17.5M refinance (Oct. 28, 2026)