Posts Tagged ‘alanreay’
Bay Area hotel market languishes far below pre-COVID levels
Downtown San Jose shows recent strength in hopeful indicator By George Avalos | gavalos@bayareanewsgroup.com | Bay Area News Group UPDATED: March 31, 2025 at 7:30 AM PDT SAN JOSE — As Bay Area hotels remain well below the lofty levels of success they had achieved before the onset of lockdowns to combat the spread of COVID-19, some lodging hubs in…
Read MoreBay Area hotel converts into housing for 700 people
SFGATE contributor Randy Diamond recaps the latest in San Francisco hotel news for the column Get a Room The Ferry Building in San Francisco during sunset. This week in Get a Room, SFGATE’s roundup of news on hotels, we start by examining 2024 hotel openings across California.Joe Daniel Price/Getty Images By Randy Diamond, Freelance Writer |…
Read MoreBuyer Selected for $725MM Mortgage on Hilton San Francisco Union Square, Parc 55 Hotels
March 10, 2025 By Kate Snyder San Francisco’s hospitality landscape is bracing for a significant shift as two of its largest hotels. The 1,921-room Hilton San Francisco Union Square and the 1,024-room Parc 55 San Francisco are slated to soon have a new owner with the recent selection of a buyer for more than half a…
Read More$725M Parc 55, Hilton Union Square debt finds buyer
Emily Landes | Thu, March 6, 2025 at 4:30 PM PST 6 min read An unknown buyer has snapped up the $725 million in debt on two of San Francisco’s largest hotels, according to servicer commentary. Virginia-based Park Hotels walked away from the 1,921-room Hilton San Francisco Union Square and 1,024-room Parc 55 San Francisco in 2023 and…
Read MoreLA County hotel development balks at inflation, interest rates
Despite statewide hospitality doldrums, LA has 23 hotels with 2,833 rooms under construction: Atlas Mar 5, 2025, 7:00 PM By TRD Staff While hotel development across the state has stalled, Los Angeles leads in new hotel openings and lodging under construction ahead of the 2026 FIFA World Cup and 2028 Olympics. Los Angeles County had…
Read MoreHospitality: Development Stalls
As inflation drives up construction costs, the development of new hotels in Los Angeles County has stalled. By Gina Hall | March 3, 2025 Hotel development in California slowed in 2024 and is likely to stay sluggish in 2025 as investors remain concerned about rising interest rates and the high cost of construction. A new survey…
Read MoreHospitality: Hotel Sales Fall
Hotel transactions fell 58% last year, and that trend is expected to continue. By Gina Hall | March 3, 2025 Los Angeles County hotel sales plummeted in total dollar volume in 2024 compared to the previous year driven by higher financing costs and increased operational expenses. The total dollar volume of Los Angeles hotel sales…
Read MoreBay Area hotel defaults on loan after $40M basketball facility renovation
Oakland Marriott City Center, the city’s largest downtown hotel, is defaulting on its loan. By Olivia Harden, Travel Reporter Feb 22, 2025 In another blow to Oakland’s tourism industry, the largest hotel in the city’s downtown is defaulting on its loan. The owners of the Oakland Marriott City Center, a 500-room hotel on Broadway, defaulted on its $100 million loan from…
Read MoreExperts hope for a quick recovery for LA’s tourism economy
Michelle Lhooq | BloombergPublished 11:03 a.m. ET Feb. 17, 2025 On a rainy afternoon in early February, Hodari Sababu, the cowboy-hat-donning owner of LA Hood Life Tours, isn’t running his usual assortment of van excursions to hip-hop and Hollywood landmarks. “People are scared to come to LA right now,” he says, seated at a booth…
Read MoreGaw Capital Defaults on $100M Loan Tied to California Hotel
2025/02/16 by Christopher Caillavet Gaw acquired the Oakland Marriott City Center in 2017 (Image: Gaw Capital Partners) A vehicle managed by Hong Kong’s Gaw Capital Partners has defaulted on a $100 million loan linked to a 500-room California hotel, according to a local media account citing official records. Fund manager Gaw purchased the Oakland Marriott City Center in the…
Read MoreBig Oakland hotel flops into loan default as local lodging woes widen
Hotel highrise is an Oakland landmark By George Avalos | gavalos@bayareanewsgroup.com | Bay Area News Group UPDATED: February 13, 2025 at 3:44 PM PST OAKLAND — A big highrise hotel in downtown Oakland has tumbled into default on a delinquent loan, fresh evidence of a feeble lodging market in the Bay Area. The Oakland Marriott City Center hotel next to…
Read MoreOakland Marriott City Center hotel defaults on $100 million loan
By Alex Barreira – Staff Reporter, San Francisco Business Times | Feb 12, 2025 Updated Feb 12, 2025 4:27pm PST Oakland’s largest hotel, the 500-room Oakland Marriott City Center, has defaulted on a $100 million loan according to public records. The hotel’s debt troubles arrive as the latest sign of serious distress and plunging values of Oakland hospitality…
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