Hotel has the heaviest 2026 refinancing load
$875B of CRE debt matures in 2026, down 9% from 2025, but only about half of 2025's maturities paid off. By property type, hotel has the largest share of its loans coming due.
- $875B matures in 2026, 17% of the $5.0 trillion outstanding, down 9% from $957B in 2025 (MBA).
- The wall didn't shrink because loans got paid off. Only 50-55% of 2025's maturities cleared; the rest rolled into 2026 and 2027, mostly on extensions now running months rather than a year.
- 30% of outstanding hotel loan balances mature in 2026, the highest share of any property type, against 23% for industrial, 17% for office and 13% for multi-family. Hotel is a going-concern underwrite, which makes it the harder refinance.
- Kidder Mathews tracks $1.26 trillion maturing through 2027.
Why the smaller number is not relief
$875B of commercial and multi-family debt matures in 2026, per MBA's 2025 maturity survey, down 9% from the $957B that matured in 2025. Read alone, that looks like relief. It isn't. Extend-and-pretend is functionally over: 2026 extensions are running a few months, not the year-plus grace sponsors got in 2023 and 2024. Only 50-55% of 2025's maturities paid off on schedule. The rest did not disappear. They rolled forward into the 2026 and 2027 numbers. Kidder Mathews puts the total still working through the system at $1.26 trillion through 2027.
Hotel has the most of its book coming due
Most maturity coverage focuses on office. Measured as the share of each property type's own loan balance that matures in 2026, hotel and motel lead at 30%, ahead of industrial at 23%, office at 17% and multi-family at 13%. In dollars, multi-family and office still carry more, but hotel has the largest part of its book to refinance this year, and it is the harder refinance, because a hotel is a going-concern underwrite rather than a lease-driven one. NOI moves with occupancy and ADR in a way a lender can't smooth over with a longer amortization schedule the way they can on a leased asset.
Where the maturities sit
By lender channel: depositories hold $396B of 2026 maturities, 21% of their own CRE books. CMBS, CLO and ABS carry $200B, a full 25% of their outstanding. Credit companies and other non-bank lenders hold $163B, life companies $76B, agency $39B. The depository share matters most, because banks are also the channel tightening hardest on renewal terms, which is where the placement problem concentrates.
"Loans written at 4.1% to 4.7% are refinancing near 6.5% today. That 200 basis point gap is what makes them hard to roll."
What to do about a maturing loan
The 2026 numbers do not change the fix: re-underwrite the asset against today's basis, build the case for the constraint that governs (usually coverage at today's rates; see our companion note), and take the file to the sources funding that profile now, not the ones that funded it three years ago. A bank that wrote the original loan against a lower cap rate is frequently not the right fit for the asset's current basis. A debt fund comfortable with a negative-arb bridge, or a lender underwriting the documented plan rather than trailing financials, often is.
Start the placement conversation early
The files that struggle most at maturity are the ones that start thirty days out. Sizing the deal, identifying the governing constraint, and matching against live appetite takes time a sponsor doesn't have if they wait for the notice from the servicer, especially on a hotel file, where the underwrite itself takes longer to build.