Hotel refinancing

Refinance your hotel — before the maturity clock runs out

See exactly how much new debt your NOI supports, what a refinance would cost, and whether you'll face a shortfall at payoff — then we help you close it.

Our tools are safe and confidential by design. No hotel financial data is stored. Ever.

Quick calculators

Run the numbers right here — no full diagnostic needed.

DSCR

Does the property cover its loan?

DSCR = NOI ÷ Annual debt service

Debt yield

Leverage, independent of rate.

Debt yield = NOI ÷ Loan amount × 100

NOI (net operating income)

Operating profit before debt.

NOI = Revenue − Operating expenses

Loan constant

Annual debt cost per $1 borrowed.

Loan constant = Annual debt service ÷ Loan amount × 100

How lenders size your loan

Three tests — your loan is the smallest result of the three.

DSCR testNOI ÷ target DSCRDebt-yield testNOI ÷ min debt yieldLTV testvalue × max LTVYour loan = the smallest of the threewhichever test is most conservative wins

How hotel refinancing actually works

Lenders size your loan on three tests

A hotel refinance isn't one number — it's the lowest of three. The debt-service coverage ratio (DSCR) checks whether your NOI comfortably covers the new payment, usually at 1.25x or higher. The debt-yield test (NOI divided by the loan) sets a rate-proof floor, often around 9–10%. And loan-to-value caps the loan as a share of appraised value, typically 60–70% for hotels. Whichever test produces the smallest loan is the one that binds — so a great rate won't help if debt yield or value is the constraint.

Why a refinance can come up short

If your NOI has slipped or rates have risen since you last financed, the loan those three tests support can land below what you still owe. That difference is your refinance gap — and at maturity you also have to cover closing costs, any prepayment penalty, and required reserves. Closing it usually means some mix of improving NOI before maturity, paying down principal, injecting or raising equity, finding a different lender, or negotiating an extension.

Start earlier than you think

The best refinances start 9–12 months before maturity. That leaves room to push NOI, validate value with an appraisal or broker opinion, and shop multiple quotes instead of taking the first option under deadline pressure. Run the diagnostic first so you walk into lender conversations already knowing your DSCR, supportable loan, and the size of any gap.

Free calculators & guides

Questions, answered

How much can I refinance my hotel for?
It's the lowest of three lender tests — DSCR (coverage), debt yield (NOI ÷ loan), and loan-to-value. The diagnostic computes all three from your numbers and shows which one is binding.
What DSCR and debt yield do hotel lenders want?
Commonly a 1.25–1.40x DSCR and a ~9–10% debt-yield floor, though it varies by lender, asset, and market. You can set your own thresholds in the tool.
What if my refinance comes up short?
A gap usually means one of: improve NOI before maturity, pay down principal, inject or bring in equity, change lenders, extend, or sell. The diagnostic shows which levers move your gap most.
How early should I start before maturity?
Begin 9–12 months out. It leaves room to lift NOI, validate value, and shop quotes instead of refinancing under pressure.
What is defeasance?
Defeasance is a way to retire some fixed-rate (often CMBS) loans early: instead of prepaying, you substitute a portfolio of securities that replicates the loan's remaining payments. When rates have fallen it can be expensive, and the cost comes out of your refinance or sale proceeds — so model it before assuming you can refinance.
What is yield maintenance?
Yield maintenance is a prepayment penalty that compensates the lender for lost interest if you pay off early — roughly the present value of the remaining interest at a low reinvestment rate. Like defeasance, it can be a large cost at payoff, so factor it into your refinance gap.

Start with a free refinance-readiness diagnostic

Our tools are safe and confidential by design — no hotel financial data is stored, ever. You'll get your DSCR, supportable loan, refinance gap, and the required NOI to refinance.

Run the diagnostic

Common situations we see

If any of these sounds familiar, the tools above are built for it.

A balloon is coming due

Your loan matures in the next 6–24 months and you don't yet know if you can pay it off or refinance the full balance.

Rates moved against you

A new loan looks more expensive than your in-place rate, and you're not sure your coverage still works.

Will the proceeds cover the payoff?

You suspect a refinance might come up short — but you don't know by how much, or what would close the gap.

Lenders want numbers you don't have

DSCR, debt yield, supportable loan — you need these in plain English and in a package a lender will take seriously.

How we help you refinance

1

Pinpoint your refinance gap

We model supportable debt against DSCR, debt-yield, and LTV tests, fold in capex and closing costs, and show the real shortfall — if any.

2

Show what closes it

Required NOI, a paydown, a different lender, or time. We translate the gap into moves you can actually make on the property.

3

Arrange the financing

When you're ready, we help prepare the lender package and source refinancing that fits the asset and your goals.

Talk to our refinancing team

Tell us about your property and your timeline. We'll come back with a read on your options.

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