Posts Tagged ‘hospitalityindustry’
New Hotel Openings in California Are Up, but Hotel Construction Is Down
https://www.costar.com/article/1156168595?utm_source=newsletter&utm_medium=email&utm_campaign=hospitality&utm_content=p1 Pandemic-Related Hurdles Slow New Projects By Bryan Wroten Hotel News Now July 19, 2021 | 6:28 AM California’s hotel development trends are showing the effects of both recovering demand as well as lasting pandemic challenges. The number of hotels that opened in California in the first half of 2021 increased 46% year over year, but…
Read MoreWhy hotel investors and developers are flocking to the South Bay this year
https://www.bizjournals.com/sanfrancisco/news/2021/07/19/santa-clara-hotel-boom-construction-pipeline-new.html By Alex Barreira Staff Reporter, San Francisco Business Times July 19, 2021 Through the first half of the year Santa Clara County is Northern California’s leading submarket for new hotels, with more new properties opening up, under construction and in planning than anywhere else in the Bay Area and nearly the same for the rest…
Read MoreWhy the sale of two S.F. hotels is an encouraging sign for the local hospitality market
https://www.bizjournals.com/sanfrancisco/news/2021/07/13/park-hotels-adagio-meridien-sales-price-urban-sf.html By Alex Barreira – Staff Reporter, San Francisco Business Times Jul 13, 2021 Updated Jul 13, 2021, 3:08pm PDT Two more large San Francisco hotels are changing hands, with Park Hotels & Resorts announcing Tuesday it is selling the 360-room Le Meridien San Francisco and the 171-room Hotel Adagio in separate transactions to undisclosed buyers. But rather than…
Read MoreAnaheim’s Allure: $200M+ Of Hotel Sales in Region
https://www.ocbj.com/news/2021/jul/05/anaheims-allure-200m-hotel-sales-region/ TOURISM: DOUBLETREE, CANDLEWOOD ARE LATEST HOTELS TO TRADE By Katie Murar Monday, July 5, 2021 A pair of hotels in the vicinity of the Anaheim Resort region have traded hands in separate deals topping $100 million, the Business Journal has learned. The two deals, coming on the heels of three other recent transactions previously reported in…
Read MoreSunstone is Hotel Seller No More
https://www.ocbj.com/news/2021/may/10/sunstone-hotel-seller-no-more/ HOSPITALITY: $265M FOR WINE COUNTRY RESORT By Katie Murar Monday, May 10, 2021 After a selling season that spanned nearly four years, Sunstone Hotel Investors has returned to the market as a buyer, spending $265 million for a recently built hotel in Northern California that’s tops for the state since the onset of the pandemic. The…
Read MoreShort-Term Rental Companies Prosper During Pandemic
https://labusinessjournal.com/news/2021/may/17/short-term-rental-companies-prosper-during-covid/ By Hannah Madans Monday, May 17, 2021 Despite tough regulations and a pandemic that pummeled the Los Angeles hospitality industry, local vacation rental operators are thriving. West Hollywood-based AvantStay Inc. and Beverly Hills-based Nightfall Group are seeing a surge in demand. Bookings with AvantStay, a short-term rental company that operates in 60 cities, including Malibu,…
Read MoreCOVID hospitality: Two Silicon Valley hotels head for auction block and foreclosure
Hotels in Mountain View, Sunnyvale face seizure through loan foreclosure https://www.eastbaytimes.com/2021/04/26/covid-real-estate-two-silicon-valley-hotels-auction-foreclosure/ By GEORGE AVALOS | gavalos@bayareanewsgroup.com | Bay Area News Group PUBLISHED: April 26, 2021 at 5:45 a.m. | UPDATED: April 27, 2021 at 6:46 a.m. SUNNYVALE — Two Silicon Valley hotels are headed for the auction block and foreclosure, fresh evidence that economic ailments unleashed by the coronavirus still sicken the…
Read MoreGov. Newsom’s Economic Reopening Announcement Isn’t The Defining Moment CRE Needs
https://www.bisnow.com/san-francisco/news/commercial-real-estate/california-june-reopening-might-mean-choppy-waters-ahead-108468 April 9, 2021 Bianca Barragán and Jacob Bourne After having the physical and social scope of their lives drastically diminished for over a year, Gov. Gavin Newsom’s announcement that the state may undergo a full economic reopening on June 15 could signal to Californians that it is time to celebrate. For commercial real estate, that could manifest…
Read MoreWave Of Distress Missing LA Hotels To The Delight Of Value-Add And Redevelopment Projects
https://www.bisnow.com/los-angeles/news/hotel/los-angeles-hotels-pandemic-rebound-108471 April 9, 2021 Bianca Barragán, Bisnow Southern California The team marketing the Mart South hotel redevelopment in Downtown LA’s Fashion District noticed earlier this year that there was a big increase in interest in the property, a former office building entitled for hotel conversion. In fall 2020, the property was averaging about three inquiries a month, but…
Read MoreWill California hotels get back to normal? This expert says yes
https://www.ocregister.com/2021/03/29/will-california-hotels-get-back-to-normal-this-expert-says-yes/ “The amount of interest that we’re now receiving from buyers is incredible. In some respects, it’s as if COVID never happened,” says Alan Reay. By SANDRA BARRERA | sbarrera@scng.com | Los Angeles Daily News PUBLISHED: March 29, 2021 at 8:00 a.m. | UPDATED: March 29, 2021 at 8:01 a.m. Like so many people, Alan Reay can’t wait to check-in, again. Reay is…
Read MoreReal estate: Upscale Menlo Park hotel is seized through foreclosure
https://www.mercurynews.com/2021/04/02/real-estate-upscale-menlo-park-hotel-seized-foreclosure-covid/ Boutique Menlo Park hotel in default on mortgage is auctioned off By GEORGE AVALOS | gavalos@bayareanewsgroup.com | Bay Area News Group PUBLISHED: April 2, 2021 at 5:45 a.m. | UPDATED: April 2, 2021 at 4:23 p.m. MENLO PARK — An upscale Menlo Park hotel whose owners had defaulted on a property loan has been seized through foreclosure of its loan, a…
Read MoreSac, West Sac paid millions over appraised values for two motels under Homekey program
https://www.bizjournals.com/sacramento/news/2021/04/01/homekey-appraised-values.html By Renata Geraldo – Data Reporter Sacramento Business Journal Apr 1, 2021, 3:14pm EDT The cities of Sacramento and West Sacramento paid a total of almost $5 million above appraised market values for two motels they acquired under the Homekey program, a $600 million statewide project to purchase motels and convert them into housing for unhoused…
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