The US hospitality debts are going to blow up soon!

https://finance.yahoo.com/news/a-third-of-us-hotels-could-disappear-hospitality-asset-managers-association-report-173743714.html

What will this impact?

Well, these hospitality debts are packaged into CMBS by banks and sold to the US FED and other investors.  Therefore, the banks won't be impacted as they've transferred the risks to other financial institutions and investors.

However, the CMBS market won't escape unscathed and might create a domino effect on other CMBS securities because investors might stay away from CMBS.  When the CMBS liquidity disappears, the prices will crash unless the FED is prepared to step in to support the market again.

This crisis will make it very difficult for the FED to remain assets light and the FED will be heavily loaded with high-risk assets which will make the FED hard to shed these risky assets in the future.