Posts by WAW
L.A. Confidential
How a group of Chinese developers found their way to City Councilman José Huizar, made over L.A.’s downtown, and caused the city’s biggest corruption scandal in decades. BY DAVID BARBOZA — SEPTEMBER 6, 2020 It all began in February 2013, at a dinner in Los Angeles organized by Raymond Chan, an official in charge of…
Read MoreNapa hotel revenue remains low due to COVID-19 impacts: Sales impacted statewide
https://napavalleyregister.com/business/napa-hotel-revenue-remains-low-due-to-covid-19-impacts-sales-impacted-statewide/article_863ae995-cb4e-5412-add2-08d83f3e8a1c.html Jennifer Huffman Sep 5, 2020 Due to the COVID-19 pandemic, Napa County and California hotel revenue has dramatically declined, said hotel industry experts. “The tourism industry has a challenging year ahead,” said Michael Lennon, general manager of Calistoga Spa Hot Springs and the new board chair of Visit Napa Valley. From January to…
Read MorePandemic Causes Record Decline in California Hotel Property Sales
https://product.costar.com/home/news/shared/142961870?utm_source=newsletter&utm_medium=email&utm_campaign=personalized&utm_content=p4 Loan Distress for Some Owners Could Create Rare Bargains for Future Buyers By Lou Hirsh CoStar News September 3, 2020 | 6:25 P.M. California hotel property sales are on track to have their lowest year ever, following a record decline in sales as the coronavirus pandemic stalled tourism and real estate activity. The dollar volume…
Read MoreAtlas report paints grim picture for hotel industry
San Diego Daily Transcript Wednesday, September 2, 2020 By Thor Kamban Biberman The California hotel sales market has suffered the steepest decline in sales on record due to the COVID-19 pandemic, according to Atlas Hospitality Group, and it may not be getting better anytime soon. The number of San Diego County hotel transactions in the…
Read MorePressures of pandemic slow California hotel pipeline
https://www.hotelnewsnow.com/articles/304224/Pressures-of-pandemic-slow-California-hotel-pipeline 01 SEPTEMBER 2020 8:04 AM Projects continue to enter and remain in California’s hotel construction pipeline, but the reality of the coronavirus pandemic is that many projects will never be completed. By Bryan Wroten bwroten@hotelnewsnow.com @HNN_Bryan REPORT FROM THE U.S.—California hotel development slowed over the first six months of 2020, but the full impact…
Read MoreCovid-19 Is Taking a Toll on Plans for New Hotels
https://labusinessjournal.com/news/2020/aug/31/covid-19-taking-toll-plans-new-hotels/ By Hannah Madans Monday, August 31, 2020 Covid-19 has had a devastating impact on the hotel industry, and that pain has extended to the planning and construction of new hotels. So far this year in California, 35 hotels with a total of 3,500 new rooms have opened in the state, and 194 more hotels are…
Read MoreNapa Marriott to be sold for $100 million
https://napavalleyregister.com/business/napa-marriott-to-be-sold-for-100-million/article_6c585b9a-03f6-56d0-ad3a-0afd034bf8f1.html Jennifer Huffman Aug 28, 2020 The Marriott Napa Valley Hotel & Spa is soon to have a new owner. Xenia Hotels & Resorts, the current owner of the property, announced it has entered into an agreement to sell the 275-room Marriott for $100 million. The deal should close “before the end of the third…
Read MoreCalifornia’s Hotel Construction Pipeline Slows in 2020
https://ftnnews.com/accommodation/40149-california-s-hotel-construction-pipeline-slows-in-2020 By: Özgür Töre August 26, 2020 California’s new hotel construction has slowed somewhat from the record-breaking pace set in the first half of 2019, according to the 2020 Mid-Year California Hotel Development Survey. Atlas Hospitality, specialized in the sale of California hotels, released the results of the survey that reveals the total number of…
Read MoreStudy: California hotel construction outlook is bleak
https://therealdeal.com/la/2020/08/20/study-california-hotel-construction-outlook-is-bleak/ Hotels under construction are distressed, while planned projects get nixed TRD LOS ANGELES / By Matthew Blake August 20, 2020 02:04 PM A report on California hotel construction found there soon will be no hotel construction. “We are forecasting that the vast majority of hotel projects in planning will simply not get built,” concludes Atlas…
Read MorePandemic Slows Pace of California Hotel Construction in 2020
https://product.costar.com/home/news/1029860132 Some Developers Could Pivot Project to Residential Uses By Lou Hirsh CoStar News August 20, 2020 | 4:14 P.M. Tough times for the travel industry during the coronavirus pandemic spurred a 17% decline in hotel construction in California, coming off a record-setting year for the state that traditionally leads the nation for hotel room demand…
Read MoreHotel construction down 17.1% statewide from year ago
Image courtesy of Delawie A rendering of SD Malkin’s Destination Hotel Resort (also known as the Oceanside Beach Resort) in Oceanside. Thursday, August 20, 2020 By Thor Kamban Biberman Newly completed hotels are opening into a pandemic-fueled recession, while those that were planning to begin construction may be thinking about building in another asset class…
Read MoreAirbnb Files for IPO as Reeling Hotel Industry Struggles to Recover
Home-Sharing Provider’s Funding Could Help It in Pandemic, Challenge Hospitality Sector By Katie Burke CoStar News August 19, 2020 | 4:32 P.M. Home-sharing company Airbnb officially filed its intention to embark on an initial public offering, catching the hotel industry off guard at a point when it is struggling to recover from the pandemic. The San…
Read More