Posts Tagged ‘alanreay’
Downtown Oakland Hotel Trades at 76% Discount
Plunging values, and safety concerns are hitting lodgings in the airport corridor. By Jack Rogers| November 22, 2024 at 05:38 AM Hotel values are cratering in Oakland, with the latest benchmark set by a downtown property that sold for 76% less than its last trade. Core Property Capital paid $10.6M for the Courtyard Oakland Downtown, a…
Read MoreHotel workers union solicits surprising ally: Wells Fargo
By Alex Barreira – Staff Reporter, San Francisco Business Times Nov 20, 2024 | Updated Nov 20, 2024 7:15am PST As the contract impasse between San Francisco hotel workers union Unite Here Local 2 and operators Hilton, Hyatt and Marriott nears its 100th day, the union is turning its appeals to a surprising place: Wells…
Read MoreHilton San Francisco Union Square, Parc 55 hotels narrow in on buyer
By Alex Barreira – Staff Reporter, San Francisco Business Times Nov 18, 2024 San Francisco’s largest hotel complex is inching closer to a buyer. Eastdil Secured, acting as broker, submitted its first and final calls for bids on the Hilton San Francisco Union Square and Parc 55 hotels and “several offers are presently under review,”…
Read MoreEast Bay hotel is bought for one-fourth prior price as lodging market wobbles
Deal underscores weakening hotel values in the Bay AreaBy George Avalos | gavalos@bayareanewsgroup.com | Bay Area News Group UPDATED: November 18, 2024 at 8:57 AM PST OAKLAND — An Oakland hotel has been bought at a price that suggests the high-profile property’s value has nosedived since the end of the coronavirus outbreak. Courtyard Oakland Downtown, a Marriott brand, was bought…
Read MoreCity Profile: Big events test LA’s hotel market
By Nellie Day Nov 12, 2024 8:00am Los Angeles has always been synonymous with fame, thanks to Hollywood and its entertainment production powerhouses. In addition to awards shows – think Grammys, Emmys, Oscars, etc. – Los Angeles pulls travelers thanks to its weather, many area attractions and convention business. Some hotel investors are optimistic that a new…
Read MoreBig San Jose hotel files for bankruptcy but will keep operating as usual
Owner of hotel is in talks with new lenders to replace current financier By GEORGE AVALOS | gavalos@bayareanewsgroup.com | Bay AreaNews Group UPDATED: November 6, 2024 at 5:36 AM PST SAN JOSE — A landmark San Jose hotel has filed for bankruptcy for the second time in three years but will keep its doors open…
Read MoreSanta Ana’s Embassy Suites Sells for $41M
BY EMILY SANTIAGO-MOLINA | NOVEMBER 4, 2024 A Newport Beach-based hospitality firm’s latest Orange County transaction marks the region’s second-largest hotel sale of the year after the recent take over of the Pacific Edge hotel in August. An affiliate of MHG Capital acquired the Embassy Suites by Hilton Santa Ana-Orange County Airport from Windsor Hospitality…
Read MoreHotel De Anza in downtown San Jose bought for just over $11 million
Historic hotel is bought for far less than its prior price By GEORGE AVALOS | gavalos@bayareanewsgroup.com | Bay Area News Group UPDATED: October 30, 2024 at 4:13 PM PST SAN JOSE — The historic Hotel De Anza in downtown San Jose was bought at a price that’s roughly half of what it was previously worth.…
Read MoreBig San Jose hotel seeks fresh financing to replace loan that’s in default
Discussions are in final stages to land new funding but bumpy road looms By George Avalos | gavalos@bayareanewsgroup.com | Bay Area News Group UPDATED: October 20, 2024 at 7:36 a.m. SAN JOSE — The owner of a big San Jose hotel has crafted a plan to land a crucial round of financing for the lodging tower — even as the…
Read MoreNew hotel at SoFi Stadium to cater to athletes and fans
By Roger Vincent | Staff Writer | Oct. 11, 2024 3 AM PT Construction is underway on a $300-million hotel next to SoFi Stadium, the latest addition to Rams owner Stan Kroenke’s sprawling mixed-use development on the former site of the Hollywood Park horse racing venue in Inglewood. The 300-room Kali Hotel is the only hotel in Kroenke’s…
Read MoreUniversal City hotel expansion project clears early approval hurdle
By Roger Vincent | Sept. 18, 2024 1:33 PM PT Construction of a new high-rise addition to the Hilton hotel in Universal City was approved by the Los Angeles Planning Commission, clearing a major hurdle for the long-planned expansion. The decision comes as Universal Studios and other popular tourist destinations in the region shine for hoteliers even…
Read MoreInterest rates drag down hotel sales in Los Angeles and across the state
By Caroline Petrow-Cohen | Staff Writer | Sept. 12, 2024 9:14 AM PT Hotel sales are flagging in Los Angeles County and throughout the state as high interest rates and smaller-sized deals have been a drag on the market, according to a recent industry report. During the first six months of the year, the number of hotels…
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