W
alker & Dunlop Expands into Hospitality Market

    The commercial real estate finance and advisory services firm is entering the hospitality sector as it shows resilience post-pandemic, particularly in urban areas.

    Walker & Dunlop's new hospitality practice will facilitate investment sales and financing across the US, led by Jonathan Morrow, a seasoned hospitality professional. Morrow joins from Hodges Ward Elliott, where he spent over 15 years leading its New York City hotel team and completing $20 billion in lodging transactions.

    The firm is making this strategic move as the market shows strong growth fundamentals, with urban areas experiencing hotel performance growth driven by business and leisure travel. Average daily rates in certain metros have surpassed pre-pandemic levels, according to Walker & Dunlop.

    Interest rate cuts and maturing debt are also expected to spur hotel investment in the coming months. Hospitality CEOs forecasted at this year's Lodging Conference that US hotel investment will pick up starting next month and snowball in 2025. Currently, total single-asset hotel transaction volume for deals larger than $200 million is at its highest level in eight years.

    Walker & Dunlop Chairman and CEO Willy Walker praised Morrow's "deep knowledge of the hospitality industry" and leadership capabilities, saying he is the perfect person to lead this expansion for the company.