Posts Tagged ‘alanreay’
New Rules Passed For LA Hotels As Industry Worries About Development Pause
December 10, 2023 | Bianca Barragán Existing hotels like the Biltmore Hotel in Downtown might be benefactors of a climate that is less attractive for new hotel development. The Los Angeles City Council last week finalized a deal that removes a measure from the March 2024 ballot that would have required hotels across the city to offer vacant…
Read MoreBig San Jose hotel goes up for sale, deal could be market barometer
Possible hotel deal could offer clues about Bay Area lodging market strength By GEORGE AVALOS | gavalos@bayareanewsgroup.com | Bay Area News Group PUBLISHED: January 9, 2024 at 5:30 a.m. | UPDATED: January 9, 2024 at 2:02 p.m. SAN JOSE — The Signia by Hilton hotel, a downtown San Jose icon, is up for sale in a deal that may produce a diagnosis…
Read MoreREAL ESTATEHOSPITALITY REAL ESTATE
Downtown Hotels Open in Late 2023 BY BRYNN SHAFFER | JANUARY 8, 2024 As the 96-year-old Ace Hotel Downtown Los Angeles closes its doors at the end of the month, as announced in an Instagram post in December, another downtown hotel has opened. Sonder Holdings Inc., a modern tech-enabled hospitality service based in San Francisco,…
Read MoreHighgate misses payoff deadline for $250M debt on Hyatt Regency SOMA
After $70M renovation of SF hotel, it’s a question of “throwing good money after bad” JAN 4, 2024, 5:02 PM | By Emily Landes Highgate Hotels has missed a balloon payment on about $250 million in debt attached to the Hyatt Regency Downtown SOMA, according to loan documents and special servicer commentary cited by Trepp. …
Read MoreThe Ace Hotel DTLA Will Cease Operations In Early 2024
December 13, 2023 | Bianca Barragán The Ace Hotel DTLA will cease operations at the end of January. “It’s been an honor to inhabit these hallowed halls and The Theatre for ten golden years, which feels as good a run as any,” an Instagram post on the Ace Hotel’s account says. “We hope to be back before…
Read MoreClimate-related events are impacting tourist travel decisions and hotels’ bottom lines
By Patricia Kirk | Nov 27, 2023 8:00am Climate-related events are affecting where and when tourists visit U.S. destinations and will continue to play a role in vacation decisions as Climate Change worsens. A 2021 study by the National Institutes of Health on the impact of Climate Change on tourist destination decisions, which was published in JAMA,…
Read MoreNew Rules Passed For LA Hotels As Industry Worries About Development Pause
December 10, 2023 | Bianca Barragán The Los Angeles City Council last week finalized a deal that removes a measure from the March 2024 ballot that would have required hotels across the city to offer vacant rooms to unhoused Angelenos and replaces it with a series of new regulations to the approval process for new hotels. Hotel trade groups embraced the new…
Read MoreCostly regulations putting some California coastal hotel projects over the financial tipping point
By Patricia Kirk | Dec 6, 2023 8:00am California’s coast is a popular tourist destination that attracts visitors globally year-round, making it a lucrative hospitality market. But hotel investors and developers considering projects along the California coast should do their homework before entering this market. California is well known among developers for high barriers to entry,…
Read MoreLos Angeles Hotel Sales Evaporated This Year, But Olympics, World Cup Await
November 30, 2023 | Bianca Barragán, Southern California It’s hard out there for Los Angeles-area hoteliers, but many are steadfast in their belief that better times are just around the corner — for those that can hang on. Atlas Hospitality Group President Alan Reay told the audience at Bisnow’s Los Angeles Hospitality Summit at the Omni Hotel and Resort Los Angeles…
Read MoreDeveloper BPM defaults on $127M loan tied to Anaheim’s Viv Hotel
326-key hospitality property stands about a mile from Disneyland and opened in 2020 By Isabella Farr |NOV 20, 2023, 5:00 PM BPM Real Estate Group has defaulted on a $127 million loan tied to an Anaheim hotel project, The Real Deal has learned. BPM, based in Portland, used the loan to build the 12-story, 326-key Viv Hotel at…
Read MoreSan Jose hotel is poised to benefit from SJSU student housing deal
Signia Hilton plans new restaurant, lounge, other other amenities at downtown San Jose hotel By GEORGE AVALOS | gavalos@bayareanewsgroup.com | Bay Area News GroupPUBLISHED: November 20, 2023 at 11:20 a.m. | UPDATED: November 20, 2023 at 1:34 p.m. SAN JOSE — A landmark downtown San Jose hotel is poisedto benefit from the sale of one…
Read MoreIs San Francisco a challenge or opportunity for hotel investors?
By Nellie Day | Nov 20, 2023 8:00am There are many who would argue that San Francisco’s facing an image problem. Alan X. Reay, president of Newport Beach, Calif.-based Atlas Hospitality Group, which specializes in the sale of California hotels, would be one of them. “The city has to completely change the perception of the rampant crime…
Read More