Real estate investment banker RobertDouglas’ 12th Annual Lender Survey found lenders expect to be optimistic on financing conditions in 2026, with concerns over interest rates and refinancing easing and greater confidence on exit cap rates and future borrowing costs. Moreover, a large majority of lenders believe credit spreads will either moderately tighten or stay constant, signaling stable to slightly improved lending terms.
This year, RobertDouglas Managing Director Andrew Heilmann observed a notable shift from emphasis on cash flow metrics—as seen in the 2025 survey—toward a more balanced underwriting approach focused on fundamental real estate metrics including the strength of sponsorship, location and quality of the asset; however, construction and large-scale deals face extra scrutiny, with less than half of lenders only offering construction financing and providing non-recourse structures for well-capitalized projects.
Matthew Dower, managing director, RobertDouglas, added that the potential for a U.S. economic slowdown, even more so than last year, is seen as the top threat to hotel loan portfolios, with three-fourths of respondents expressing concern. Following close behind, two-thirds of lenders see both labor and non-labor related expenses as a concern.
In concordance, the company’s Principal/Managing Director Stephen O’Connor noted lenders remain cautious in the present economic environment, with 35% of respondents predicting a moderate increase in hospitality lending, compared to 62% in last year’s survey. He adds that, overall, the perspective for 2026 reflects stability, careful deployment of capital, and continued attention to asset and portfolio quality.
To receive a full copy of the RobertDouglas 2026 Hotel Lender Survey, email lendersurvey@robert-douglas.
