The UK hotel debt market is open, liquid, and aggressively priced — but only for the right borrower, in the right place, with the right story. Lenders are responding to a capital market that looks less like an orderly system and more like a beauty contest — with a curious line-up of sponsor–asset propositions hoping to win their attention: the opportunistic fund backing a value-play with capital ready to deploy; the large portfolio trades that still turn heads despite complexity; the prime city and gateway hotels fronted by long-term owner-operators with strong covenants; and, on the periphery, a few strategic buyers stitching together single-asset bolt-ons. In this landscape, winners are not defined by whether an asset is “performing” in the conventional sense, but by whether it fits the much narrower credit models’ lenders are now running. The right profile can draw multiple competitive term sheets; the wrong one — even with similar EBITDA — can find it tough to get past lending committees.