Hedge fund Axonic Capital and startup Metamorphosis Hotel Capital Partners are two firms looking for bargains in CMBS collateral. The rationale: while properties backed by banks may get a little extra time to pay off interest, properties that were bundled into securities and sold to investors will have fewer such options.
Of the roughly 3,100 hotel loans bundled into commercial mortgage bonds, some of which are for more than one property, roughly 14% were delinquent in May, real estate data firm Trepp told Bloomberg.
