The Hotel Buy - Finance Episode Featuring Cam Woof of National Bank

How do banks actually view hotel deals in today’s lending environment? In this episode of The Hotel Buy, host Sylvia Occhiuzzi sits down with Cam Woof, Associate Vice President of Hotel & Syndication at National Bank of Canada, to break down how lenders evaluate hotel investments across Canada. Hotels have long carried the reputation of being a “specialty asset class,” but as performance stabilizes and transaction activity picks up, lenders are reassessing their appetite for hotel lending. Cam shares how banks evaluate hotel investors, what separates a financeable deal from one that stalls, and how underwriting decisions are made around leverage, DSCR, and downside protection. The conversation also dives into capital stack structure, including vendor take-backs, mezzanine debt, and preferred equity, as well as how lenders approach renovation and repositioning strategies. For hotel investors, developers, and operators, this episode provides a practical look inside the lender’s mindset and what you can do to structure a deal that actually gets approved.