Commercial real estate financing, particularly related to the hospitality industry, has been in a state of flux as the pendulum of the economy swings towards a correction. At the start of the year, many lenders were coming back to hospitality, and the general sentiment for both investors and lenders was bullish. In late February 2022, the war in Ukraine drove increases in the prices of oil and goods that started to shift the global economic outlook, which many lenders and hotel investors cautiously watched, uncertain of the impact this would have on the U.S. economy.
