Atlas In The News

https://www.bisnow.com/national/news/hotel/hotel-bankruptcies-becoming-more-frequent-as-lenders-lose-patience-with-recovery-107807 February 18, 2021 Jon Banister, Bisnow Washington, D.C. The past year has been a historically harmful time for the hotel industry as the coronavirus pandemic pushed demand off a cliff, and it has yet to climb back up. This fall wasn’t accompanied by an avalanche of hotel bankruptcies, as lenders provided enough forbearance to keep hotel owners…

Signs of Hospitality Distress Growing As Pandemic Drags On https://www.costar.com/article/1892720472/hotel-portfolio-heads-for-possible-sell-off-amid-bankruptcy-filing By Lou Hirsh – CoStar News Jan 22, 2021 | 1:13 AM A prominent Singapore-based hospitality operator has begun the process of selling off an 18-hotel U.S. portfolio amid a bankruptcy filing, the latest sign of financial struggle for the hard-hit hotel industry. Eagle Hospitality Trust this…

  By Alex Barreira Staff Reporter, San Francisco Business Times Feb 25, 2021 Updated Feb 25, 2021, 2:40pm PST In the dog days of last summer, Pebblebrook Hotel Trust CEO Jon Bortz was more apt to spit at San Francisco than sing its praises. Pebblebrook owns 12 hotels here — about 10% of the city’s room count — and at that point…

https://www.costar.com/article/486141428?utm_source=newsletter&utm_medium=email&utm_campaign=hospitality_prospect&utm_content=p2 California’s Project Homekey Boosted Transaction Volume By Bryan Wroten Hotel News Now Feb 17, 2021 | 8:52 AM The COVID-19 pandemic has had opposite effects on California hotel transactions and development in 2020, slightly increasing the number of deals while slowing the pace of new construction. The slower pace of development and delayed openings last year,…

https://www.bizjournals.com/sanfrancisco/news/2021/02/17/newsom-homekey-peskin-homeless-hotels-sale.html By Alex Barreira  –  Staff Reporter, San Francisco Business Times Feb 17, 2021 Updated Feb 17, 2021, 8:13pm PST A recent shift in federal policy has freed up $83 million in local funding for a state program meant to convert hotels into permanent housing, sweetening the pot for struggling hotel owners to flip their properties at alluring above-market rates….

OC New Hotel Rooms Double in 2020 | Orange County Business Journal (ocbj.com) JW MARRIOTT, RADISSON BLU LARGEST IN STATE TO OPEN By Katie Murar Monday, February 8, 2021 Orange County hotel development bucked statewide trends last year, with 1,401 new hotel rooms opening in 2020, more than twice the amount seen in 2019. California, meanwhile,…

What the Sir Francis Drake hotel sale says about the S.F. hotel market – San Francisco Business Times (bizjournals.com)   By Alex Barreira  –  Staff Reporter,San Francisco Business Times Feb 8, 2021 San Francisco has a new hotel comp — and it’s not necessarily great news for the industry. The historic Sir Francis Drake hotel at Union Square…

COVID economy: Big job losses hammer Bay Area hotels, restaurants (mercurynews.com) Hotel, restaurant job losses total nearly half-million in California By GEORGE AVALOS | gavalos@bayareanewsgroup.com | Bay Area News Group PUBLISHED: February 1, 2021 at 11:50 a.m. | UPDATED: February 2, 2021 at 6:49 a.m. SAN JOSE — Coronavirus-linked economic woes unleashed mammoth job losses for hotels and restaurants in the Bay…

https://www.costar.com/article/431511153?utm_source=newsletter&utm_medium=email&utm_campaign=hospitality_prospect&utm_content=p6 New Openings Drop by Nearly a Third in 2020 as Project Lending Remains Scarce By Lou Hirsh – CoStar News Jan 27, 2021 | 11:54 P.M. An almost 30% year-over-year drop in new California hotel developments and openings last year could be a sign of what’s to come in a state where hospitality demand typically…

  Eagle Hospitality Trust, the Singapore-based group that operates the iconic Queen Mary and the Sheraton Pasadena, has filed for Chapter 11 bankruptcy protection. In total, more than two dozen hotels and other properties were part of the filing by the company, which has more than $500 million in debt. Eagle Hospitality stopped trading on…