Posts Tagged ‘Alan Reay’
Report: California Hotel Sales Plummet in 2024 Amidst High Interest Rates and Pricing Disconnect
August 20, 2024 | By The Registry Staff The recently published Atlas Hospitality Group’s 2024 Mid-Year Sales Report shows California’s hotel market is facing significant challenges this year, driven by higher interest rates and a disconnect between buyer and seller price expectations. These factors have created substantial downward pressure on hotel sales volumes across the state.…
Read MoreNapa, Sonoma, surrounding counties’ hotel sales, development slow midyear as lenders remain risk-averse
The North Bay saw few hotel sales and development projects through the first half 2024. Only one new hotel opened, the 99-room Wyndham Garden Inn Redwood Valley in Mendocino County. CHERYL SARFATY | THE NORTH BAY BUSINESS JOURNAL August 19, 2024, 10:30AM Hotel sales and development plans in California as of June 30 continued to…
Read MoreMetLife, Loews put Hollywood hotel up for sale — at big discount
Guidance price of $125M for 625-room property is $40M less than 2012 purchase By Isabella Farr | AUG 15, 2024, 11:30 AM MetLife Investment Management and Loews Hotels & Resorts have put their Hollywood hotel up for sale — with a steeply discounted price tag. The firms have listed the Loews Hollywood Hotel with a…
Read MorePacific Edge Hotel Sold for $80M; to Undergo Renovation
By Emily Santiago-Molina | August 12, 2024 A California-based hospitality investment entity with ties to the Marriott family has bought Laguna Beach’s Pacific Edge Hotel, the Business Journal has learned. The hotel has traded hands for $80 million, or $640,000 per key, in a deal making it the largest hotel sale in California so far…
Read MoreHotel sales in California plunge nearly 50% in first half of year
Lodging market experts blame interest rates and operating costs for investor absence By TRD Staff | Aug 13, 2024, 11:00 AM Hotel sales across the Golden State have turned to lead. In the first half of the year, hotel sales in California sank 48.5 percent to $1.19 billion year over year,the San Jose Mercury News…
Read MoreHotel sales in San Diego drop 54%. Here’s why
It’s the steepest decline in more than a decade. By LORI WEISBERG | The San Diego Union-Tribune UPDATED: August 12, 2024 at 12:57 p.m. The number of hotel sales in San Diego County has hit another low mark, falling 54 percent during the first half of this year compared with a year earlier, which is…
Read MoreHotel sales implode in Bay Area and California as lodging woes widen
High interest rates and inflation weigh down hotel sector By George Avalos | gavalos@bayareanewsgroup.com | Bay Area News Group UPDATED: August 9, 2024 at 4:24 p.m. SAN JOSE — Hotel purchases have imploded in California and the Bay Area, a fresh sign that post-coronavirus economic ailments, including high interest rates, still impair the weak lodging sector statewide. Investors paid an…
Read MoreCalifornia, Bay Area hotel sales slow to trickle in 2024Deals
Alex Barreira, Staff Reporter Aug 9, 2024, 12:46pm PDT California hotel sales so far this year have plummeted by nearly half since last year, with the state’s most significant drop in Alameda County. For the first half of 2024 year-over-year sales volume — measured by the dollar volume of transactions, rather than number of individual…
Read MoreSan Jose Signia by Hilton closes in on refi for $165M debt
Eagle Canyon Capital looks for fresh capital after selling hotel tower for student housing Aug 1, 2024, 6:02 PM | By TRD Staff The ownership group of a prominent hotel in downtown San Jose claims to be close to a refinance of its $165 million debt package even as the holder of a $29 mezzanine…
Read MoreCalifornia Hotel Development Struggles in Current Lending Environment
July, 30 2024 | Excerpt from CoStar Twenty-two hotels opened in California during the first half of the year, according to a midyear survey, highlighting the ongoing challenges hotel developers face across the U.S. and in California in particular. Atlas Hospitality Group’s California Hotel Development Survey Mid-Year 2024 reports that the 22 openings were an…
Read MoreCalifornia Hotel Development Struggles in Current Lending Environment
22 Hotels Opened in State During First Half of Year By Bryan Wroten | Hotel News Now | July 29, 2024 | 5:49 AM Twenty-two hotels opened in California during the first half of the year, according to a midyear survey, highlighting the ongoing challenges hotel developers face across the U.S. and in California in particular.…
Read MoreSan Diego records biggest hotel sale so far this year: $165M
The golf course-adjacent resort commanded a purchase that is among the highest in the Western U.S. in 2024. By LORI WEISBERG | The San Diego Union-Tribune UPDATED: July 24, 2024 at 4:07 p.m. In what is the single biggest hotel sale so far this year, the 394-room Hilton La Jolla Torrey Pines resort has been acquired for $165…
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