Posts by WAW
Real estate: Owner of hotels in Bay Area files for bankruptcy
https://www.mercurynews.com/2021/01/21/real-estate-hotel-owner-bay-area-bankrupt-covid-economy-jobs-eagle/ Hotels in South Bay, Peninsula are caught up in owner’s bankruptcy By GEORGE AVALOS | gavalos@bayareanewsgroup.com | Bay Area News Group PUBLISHED: January 21, 2021 at 5:45 a.m. | UPDATED: January 21, 2021 at 3:32 p.m. SAN JOSE — The owner of two Bay Area hotels, one in San Jose and one in San Mateo, has filed for bankruptcy, grim…
Read MoreOperator of Queen Mary in Long Beach files for bankruptcy protection
Operator of Queen Mary in Long Beach files for bankruptcy – Los Angeles Times (latimes.com) By HUGO MARTÍNSTAFF WRITER JAN. 20, 2021 3:48 PM The real estate investment trust that operates the Queen Mary in Long Beach and owns 26 other hotels filed for bankruptcy protection this week, signaling what could be the start of a…
Read MoreLa Jolla firm joins rush to acquire financially troubled hotels amid pandemic
La Jolla firm joins rush to acquire financially troubled hotels amid pandemic – La Jolla Light The newly formed Torrey Pines Hotel Group will join a Los Angeles-based firm to buy up financially distressed hotels at discounted rates and manage them long-term. By LORI WEISBERG JAN. 18, 2021 10 AM As hotels struggle to survive a…
Read MoreAn inhospitable market? LA’s biggest hotel sales plunge in 2020
https://therealdeal.com/la/2020/12/18/an-inhospitable-market-las-biggest-hotel-sales-plunge-in-2020/?utm_source=internal&utm_medium=after_article&utm_campaign=related_article Large deals have been few and far between as investors wait out pandemic Los Angeles / December 18, 2020 08:50 AM By Matthew Blake | Research By Jerome Dineen This was a bad year to sell a hotel. Only two of the five biggest Los Angeles County hotel sales in 2020 would have made the cut for last year’s top five, according…
Read MorePalo Alto Hotel Sells For $32.7M: Report
https://patch.com/california/paloalto/palo-alto-hotel-sells-32-7m-report The Palo Alto property is among five Oxford Capital purchased for a combined $111 million according to the report. By Gideon Rubin, Patch Staff Dec 18, 2020 5:19 pm PT PALO ALTO, CA — A Palo Alto hotel has been sold amid a Chicago-based investment group’s Monopoly board-style Bay Area buying spree. Oxford Capital paid…
Read MoreHotel Near Los Angeles Airport Sold in Region’s Second-Largest Deal of 2020
$91.5 Million Trade is California’s Fifth Priciest Amid Pandemic Conditions https://product.costar.com/home/news/shared/1439334782?utm_source=newsletter&utm_medium=email&utm_campaign=personalized&utm_content=p4 By Lou Hirsh / CoStar News December 16, 2020 | 5:25 P.M. Sunstone Hotel Investors sold the 502-room Renaissance Los Angeles Airport hotel for $91.5 million in the L.A. market’s second-priciest hotel deal by sum of 2020, a tough year for hospitality properties amid the coronavirus…
Read MoreReal estate: Big Silicon Valley, S.F. hotel deal is priced at $111 million
Major investor buys hotels in Palo Alto, Los Gatos, and San Francisco https://www.mercurynews.com/2020/12/14/real-estate-big-silicon-valley-s-f-hotel-deal-price-111-million-covid/ By GEORGE AVALOS | gavalos@bayareanewsgroup.com | Bay Area News Group PUBLISHED: December 14, 2020 at 8:20 a.m. | UPDATED: December 16, 2020 at 10:17 a.m. PALO ALTO — A big Midwest investment group has spent $111 million to buy five Bay Area hotels, including two in Silicon Valley, a…
Read MoreSunstone sells 502-key Renaissance hotel near LAX
https://therealdeal.com/la/2020/12/14/sunstone-sells-502-key-renaissance-hotel-near-lax/?utm_source=Sailthru&utm_medium=email&utm_campaign=LA%20Daily%20%7C%2012.15.2020&utm_term=Los%20Angeles%20Daily $93M deal among largest during pandemic Los Angeles / TRD Staff December 14, 2020 10:55 AM Sunstone Hotel Investors sold a 502-room property outside Los Angeles International Airport for $92.5 million, making it one of the largest pandemic-era deals of its kind. The buyer of the Renaissance Los Angeles Airport Hotel at 9620 Airport Boulevard was not…
Read MoreExtended Stay Properties Are Filling Up in LA
https://labusinessjournal.com/news/2020/dec/07/los-angeles-extended-stay-properties-filling-up/ By Hannah Madans Monday, December 7, 2020 It’s no secret that the hospitality industry has been hit hard by Covid-19, which has forced many hotels to temporarily close and others to permanently shutter. But one type of hospitality property is faring better than others: extended stay hotels and residences. “We’re seeing the hotels that are…
Read MoreReport: Hotel industry continues to struggle
https://www.sdtranscript.com/common/login/?source=news&sourceid=989613 By Thor Kamban Biberman – San Diego Daily Transcript Thursday, November 12, 2020 While thousands of hotel rooms are in the works in San Diego County, it doesn’t mean they will all decide to open, according to a recent report by the Atlas Hospitality Group. “Many hotels will be delaying their openings,” Atlas Hospitality…
Read MorePandemic’s impact on hotels could take years to heal
https://www.sdtranscript.com/common/login/?sourceid=989654&source=news By Thor Kamban Biberman – San Diego Daily Transcript Thursday, November 12, 2020 Pfizer may have found at least one vaccine for the coronavirus, but a hospitality executive said COVID-19’s damage to the hotel industry will last for years to come. Within about eight months, the hotel market went from being awash with capital…
Read MoreDespite Coronavirus Pandemic and Hotel Industry Struggles, Newport Beach Marriott Sold for $200 Million
https://spectrumnews1.com/ca/la-west/business/2020/11/10/eagle-four-partners-newport-beach-marriott BY JOSEPH PIMENTEL NEWPORT BEACH PUBLISHED 9:06 PM ET NOV. 09, 2020 NEWPORT BEACH, Calif. — For years, Eagle Four Partners CEO and partner Kory Kramer would drive by the Newport Beach Marriott Hotel & Spa and thought how much he’d like to own it one day. That day came last week. That day came…
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