If your hotel note is maturing in the next 12–24 months, or if you are considering a cash-out refinance to fund a PIP or second acquisition, you are preparing a package for a lender. What that package needs to contain has evolved significantly since 2022. Here is what the lenders who are actively doing hotel deals in the economy and midscale segment are actually underwriting to. The Traditional Underwriting Metrics (Still Important) The fundamentals have not changed. Lenders still want to see: Debt Service Coverage Ratio (DSCR) of at least 1.25x–1.35x on trailing 12-month NOI, RevPAR trend over at least 24 months (improving or stable), a current appraisal from an MAI-certified appraiser with hospitality experience, a property condition assessment (PCA), and brand franchise status in good standing with no open quality assurance issues. What Has Changed Since 2022 Three factors have moved up the underwriting checklist in the post-pandemic lending environment: 1. Online Reputation Score as a Trailing Indicator An increasing number of SBA lenders and community banks are pulling the property's online reputation data as part of the underwriting package — not as a hard threshold, but as a qualitative indicator of property management quality and future revenue risk. A property with a declining Booking.com score trending from 8.2 to 7.4 over 24 months is a property where the lender needs to understand why — even if the DSCR still closes. 2. RevPAR Index vs. Market, Not Just Raw RevPAR