Cerberus Capital Management and Highgate missed two months of payments on a $415 million loan for 30 Courtyard by Marriott hotels, another sign of spreading trouble in commercial real estate, Bloomberg News reported. Cerberus and Highgate have requested an extension of the floating-rate loan, which matured in July, according to a servicer report. “Borrower stated that they do not have enough funds to cover the shortage and the regular monthly debt service,” according to the report. More commercial-property loans have become delinquent as borrowing costs increased. The delinquency rate on commercial mortgage-backed securities for hotels climbed to 5.35% in June from 4.4% six months earlier, according to Trepp. The delinquent Courtyard portfolio was facing a higher insurance payment following Hurricane Ian and Tropical Storm Nicole, which struck the U.S. last year, according to the report. Property insurance prices in the U.S. increased by 17% in the first quarter, according to data from Marsh McLennan.
