There was even a term - “jingle mail” - for owners who dropped their keys in an envelope and mailed them back to the bank.Īnd although the number of hotel and mall owners walking away now hasn’t reached that level, it’s a threat to consider as the mark that looms large, as many properties still struggle financially with no end in sight nearly a full year into the pandemic. It’s reminiscent of the housing crash of 2008, when homeowners who took out big loans suddenly found that their houses were worth less than their mortgages and simply walked away from the properties. Commercial real estate owners - particularly those in struggling sectors such as hotels and shopping malls - are giving up on their debt-laden properties rather than go through the foreclosure process. Ashford isn’t the only investor making that difficult decision.
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