Posts by WAW
Sac, West Sac paid millions over appraised values for two motels under Homekey program
https://www.bizjournals.com/sacramento/news/2021/04/01/homekey-appraised-values.html By Renata Geraldo – Data Reporter Sacramento Business Journal Apr 1, 2021, 3:14pm EDT The cities of Sacramento and West Sacramento paid a total of almost $5 million above appraised market values for two motels they acquired under the Homekey program, a $600 million statewide project to purchase motels and convert them into housing for unhoused…
Read MoreDowntown Oakland Moxy hotel completes construction, preps opening
https://www.eastbaytimes.com/2021/03/31/downtown-oakland-moxy-hotel-complete-construct-open-real-estate-covid/ Opportunity zone tax breaks bolster Oakland hotel’s development By GEORGE AVALOS | gavalos@bayareanewsgroup.com | Bay Area News Group PUBLISHED: March 31, 2021 at 12:09 p.m. | UPDATED: April 1, 2021 at 4:39 p.m. OAKLAND — Downtown Oakland’s bustling Uptown District is about to get a new Moxy Hotel, a welcome change of pace to a dismal year of coronavirus-linked business…
Read MoreInterest Grows in Converting Hotels to Other Uses
Multifamily, Senior Living, Student Housing Among More Popular Conversions https://www.costar.com/article/577844466?utm_source=newsletter&utm_medium=email&utm_campaign=hospitality_prospect&utm_content=p1 By Bryan Wroten Hotel News Now Mar 24, 2021 | 1:09 P.M. Both private and government buyers are finding real estate conversion opportunities with U.S. hotel owners who are reevaluating the highest and best use of their properties due to the COVID-19 pandemic. Buyers and other…
Read MoreReal estate: Bankrupt Bay Area hotels are slated for auction
Court sets May schedule for sale of 15 hotels, including two in Bay Area https://www.mercurynews.com/2021/03/25/real-estate-bankrupt-bay-area-hotel-auction-covid-queen-mary/ By GEORGE AVALOS | gavalos@bayareanewsgroup.com | Bay Area News Group PUBLISHED: March 25, 2021 at 6:20 a.m. | UPDATED: March 25, 2021 at 10:14 a.m. SAN JOSE — A bankrupt hotel chain has won court approval for the sale of more than a dozen U.S. hotels,…
Read MoreFairmont San Jose owners target quick end to bankruptcy
Fairmont was nearly empty during worst of the coronavirus outbreak: court papers https://www.mercurynews.com/2021/03/24/fairmont-san-jose-hotel-owner-swift-bankruptcy-case-real-estate-covid/ By GEORGE AVALOS | gavalos@bayareanewsgroup.com | Bay Area News Group PUBLISHED: March 24, 2021 at 5:45 a.m. | UPDATED: March 24, 2021 at 2:36 p.m. SAN JOSE — The Fairmont San Jose owners have sketched out a swift endgame for the iconic hotel’s bankruptcy case in the first version…
Read MoreLocal Hotel Market Recovering
https://www.sdbj.com/news/2021/mar/10/local-hotel-market-recovering/ By Ray Huard Wednesday, March 10, 2021 Investors are starting to take a renewed interest in San Diego County hotels with industry experts predicting that 2021 will be a year of strong recovery. “There’s definitely been a change in how buyers look at hotels and I would say the one word that sums it up…
Read MoreIt’s official: Lafayette hotel sold for $25.8M
https://www.pacificsandiego.com/latest/story/2021-03-18/its-official-lafayette-hotel-sold-for-25-8m Prolific restaurant group known for Little Italy dining venues is the buyer of the historic El Cajon Boulevard property By LORI WEISBERG SAN DIEGO UNION-TRIBUNE MARCH 18, 2021 7:29 PM PT The historic Lafayette hotel, a North Park landmark that dates to the 1940s, has been sold to a local restaurant group for $25.8 million. The…
Read MoreRestaurant Operator Makes First Hotel Foray With a Former Magnet for Celebrities in San Diego
CH Projects Plans New Food, Beverage Options for Historic Lafayette Hotel https://product.costar.com/home/news/shared/1867548097?utm_source=newsletter&utm_medium=email&utm_campaign=personalized&utm_content=p6 By Lou Hirsh CoStar News March 19, 2021 | 3:28 P.M. The historic Lafayette Hotel in San Diego, which attracted stars such as Bob Hope and Katharine Hepburn during its heyday in the 1940s and ’50s, has been sold to a restaurant operator that is…
Read MoreReal estate: Bay Area hotels in bankruptcy go on auction block
Local hotels being auctioned off are part of $470 million sales package https://www.mercurynews.com/2021/03/11/real-estate-bay-area-hotels-bankruptcy-auction-block-covid-travel/ By GEORGE AVALOS | gavalos@bayareanewsgroup.com | Bay Area News Group PUBLISHED: March 11, 2021 at 5:45 a.m. | UPDATED: March 11, 2021 at 4:25 p.m. SAN JOSE — Two hotels in the Bay Area, one in the South Bay and the other on the Peninsula, are part of a…
Read MoreBankrupt Fairmont hotel can help spur downtown San Jose rebound, following reorganization
Fairmont San Jose owners seek favorable financing, improved management, new brand through bankruptcy https://www.mercurynews.com/2021/03/08/bankrupt-fairmont-hotel-spur-downtown-san-jose-rebound-covid-tourism/ By GEORGE AVALOS | gavalos@bayareanewsgroup.com | Bay Area News Group PUBLISHED: March 8, 2021 at 9:26 a.m. | UPDATED: March 9, 2021 at 8:30 a.m. SAN JOSE — Once it emerges from bankruptcy, downtown San Jose’s iconic Fairmont Hotel could help fuel a rebound in the city’s urban…
Read MoreFairmont Hotel in downtown San Jose files for bankruptcy
Upscale, iconic Fairmont in downtown San Jose closes doors — but will reopen within a few months https://www.eastbaytimes.com/2021/03/05/fairmont-hotel-downtown-san-jose-bankruptcy-covid-real-estate/ By GEORGE AVALOS | gavalos@bayareanewsgroup.com | Bay Area News Group PUBLISHED: March 5, 2021 at 4:18 p.m. | UPDATED: March 8, 2021 at 5:50 a.m. SAN JOSE — The Fairmont Hotel, a landmark in downtown San Jose, filed for bankruptcy on Friday…
Read MoreProject Homekey Makes up Most of California’s Hotel Sales
https://spectrumnews1.com/ca/san-fernando-valley-ventura/business/2021/02/22/project-homekey-makes-up-most-of-california-s-hotel-sales BY JOSEPH PIMENTEL ORANGE COUNTY PUBLISHED 8:00 AM ET FEB. 23, 2021 IRVINE, Calif. — Gov. Gavin Newsom’s Project Homekey accounted for $890 million of hotel sales in California last year, reviving what would have been a paltry year in terms of hotel transactions in the state. While sales of hotels across the nation sagged due to…
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