ORLANDO- This city is seeing its share of hotel-loan delinquencies, according to a report in the Orlando Sentinel. While the problem is certainly one that is affecting hotels nationwide, Orlando is said to have the largest share of troubled hotel loans, amounting to about a quarter of the total, according to a recent Standard & Poors report. The Orlando areas 105,000 hotel rooms place it second only to Las Vegas in terms of lodging market share. S&Ps said that by the end of 2001, the Orlando area had 14 properties in arrears on loans worth $170 million; many fell into delinquency after Sept. 11, according to the report. Two hotels mentioned in the Sentinels report are the Hotel Royal Plaza, said to be delinquent on a $35 million loan, and the Hyatt Orlando in Kissimmee, said to have become delinquent on a $23 million loan. Many hotel loans are bundled and sold to investors as mortgage-based securities, which are frequently grouped by property type and location. For instance, an investor may buy securities backed only by mortgages on hotels in metro Orlando. Fitch Inc., the international financial rating company, ranks Orlando second only to Las Vegas on its list of most vulnerable metropolitan statistical areas for mortgage-backed securities because the areas employment base is heavily tied to tourism and especially vulnerable to economic downturns.