Big San Jose hotel gets finance boosts from lender as occupancy rises

Hotel shows upswing in guests after $60 million revamp By GEORGE AVALOS | gavalos@bayareanewsgroup.com | Bay Area News Group PUBLISHED: September 28, 2023 at 5:30 a.m. | UPDATED: September 28, 2023 at 1:59 p.m. SAN JOSE — A big hotel in San Jose has received financial boosts from its lender this year, hopeful indicators that the lodging facility has begun to recover…

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San Francisco waiting for RevPAR, occupancy recovery

By Alicia Hoisington Sep 19, 2023 02:07pm San Francisco offers a diverse set of demand generators, such as popular tourist attractions like the Golden Gate Bridge, Fisherman’s Wharf and more. But the market has been slow to recover to pre-pandemic performance levels. That, paired with other financial factors, makes the outlook for the city’s hotel market…

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San Francisco waiting for RevPAR, occupancy recovery

By Alicia HoisingtonSep 19, 2023 02:07pm San Francisco offers a diverse set of demand generators, such as popular tourist attractions like the Golden Gate Bridge, Fisherman’s Wharf and more. But the market has been slow to recover to pre-pandemic performance levels. That, paired with other financial factors, makes the outlook for the city’s hotel market a…

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Relevant Group seeks partner for Hollywood hotel project

Schrader Boulevard site has entitlements 203-key hotel SEP 13, 2023, 4:34 PM By Isabella Farr Relevant Group is looking for a joint venture partner in a fully entitled hotel site in Hollywood, The Real Deal has learned.  Relevant has hired Cushman & Wakefield to market the Schrader hotel project to potential investors, according to marketing materials for the…

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Rooms On the Way: Smaller Projects Gain Favor

Home Away From Home BY GINA HALL | SEPTEMBER 11, 2023 Increased construction costs and high interest rates are taking a toll on hotel construction in Los Angeles and the rest of the state.  Los Angeles County still leads California in building new lodging, with 21 hotels and 2,329 rooms under construction the first half…

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Cambria hotels in Napa, Sonoma counties lost in $80 million foreclosure

Jennifer Huffman | Sep 6, 2023 Updated 8 hrs ago The 90-room Cambria Hotel Napa Valley, which opened in 2021 after three years of construction, has been officially lost to foreclosure. The Cambria’s developer, Stratus Development of Irvine, no longer owns the Soscol Avenue property. That foreclosure also includes a Cambria hotel in Rohnert Park, in Sonoma County.…

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2 Wine Country hotels go back to the lender after no bids at foreclosure sales

The 132-room Cambria Sonoma Wine Country hotel in Rohnert Park opened in May 2020. An entity managed by Stratus Development Partners owed over $80 million on this and a Cambria hotel in Napa when the loan for both went into foreclosure in early July 2023. (Courtesy: Cambria Sonoma Wine Country) JEFF QUACKENBUSH – THE NORTH…

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OC developer Greens Group buys LAX Wingate hotel for $24M 

Deal at $160K per room comes as hospitality sales shrink in SoCal market AUG 29, 2023, 5:56 PM By Trevor Bach / Research by Christian Bautista In a dire season for L.A. hotel sales, one Irvine-based development firm has picked up a 148-key property near LAX.  Greens Group, an Irvine-based company led by Ashutosh Kadakia, bought the Wingate…

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Hotel Sales Decline Across State

BY BRYNN SHAFFER / AUGUST 28, 2023 This year, hotel sales experienced a steep decline statewide, according to Atlas Hospitality Group, which recently released its midyear 2023 California sales report.  “It’s a record number decline,” said Alan Reay, president of Atlas Hospitality Group, who’s been tracking California hotel sales for more than 20 years. “We’ve never seen…

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Tom York on Business: San Diegans Experience 3 Months of Declining Rents

by Tom York 2 days ago The price of an apartment in San Diego appears to be moderating a bit. Renters here, especially those looking for new places to live, saw continued relief as Realtor.com’s July Rental Report revealed a third consecutive month of declining year-over-year costs for studio, one- and two-bedroom properties. The drop of 1.0% from July…

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Americas Hotel Pulse: IHG’s Newest Midscale Brand

Hotel Performance in Hawaii; Insights from Hotel Data Conference; and More IHG Hotels & Resorts this month launched its newest and 19th brand, Garner, positioned in the midscale segment. It is first rolling out in the U.S. (IHG Hotels & Resorts) By Dana MillerHotel News Now August 23, 2023 | 5:31 AM IHG’s New Midscale Brand…

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Bay Area hotels selling at similar rate to Great Recession of 2009, report warns

Aug 21, 2023 By Alex Barreira – Staff Reporter, San Francisco Business Times Updated Aug 21, 2023 4:52pm PDT The rate of hotel sales across the Bay Area and around California has fallen as sharply in the first half of this year as any point since 2009. Across Northern California including all nine Bay Area counties there have…

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