Posts Tagged ‘hospitalityindustry’
Hotels: Development Slate, Construction Down
Hannah Welk | September 9, 2024 Hotel construction has been inching downward in Los Angeles from 49 projects with 7,650 rooms as of midyear 2020 to 19 projects with 2,121 rooms this year, according to data from Atlas Hospitality Group. “We’re seeing a lot of projects that were under construction going into foreclosure or bankruptcy,” said Alan Reay,…
Read MoreWe are big believers in SF’: Hotel owners bet big on city’s revival
SFGATE contributor Randy Diamond recaps the latest in San Francisco hotel news for the column Get a Room By Randy Diamond | Aug 30, 2024 This week in Get a Room, SFGATE’s roundup of news on hotels and accommodations in San Francisco, we check in on the Hilton and Parc 55. The city’s largest hotel, the Hilton San Francisco…
Read MoreReport: California Hotel Sales Plummet in 2024 Amidst High Interest Rates and Pricing Disconnect
August 20, 2024 | By The Registry Staff The recently published Atlas Hospitality Group’s 2024 Mid-Year Sales Report shows California’s hotel market is facing significant challenges this year, driven by higher interest rates and a disconnect between buyer and seller price expectations. These factors have created substantial downward pressure on hotel sales volumes across the state.…
Read MoreNapa, Sonoma, surrounding counties’ hotel sales, development slow midyear as lenders remain risk-averse
The North Bay saw few hotel sales and development projects through the first half 2024. Only one new hotel opened, the 99-room Wyndham Garden Inn Redwood Valley in Mendocino County. CHERYL SARFATY | THE NORTH BAY BUSINESS JOURNAL August 19, 2024, 10:30AM Hotel sales and development plans in California as of June 30 continued to…
Read MoreMetLife, Loews put Hollywood hotel up for sale — at big discount
Guidance price of $125M for 625-room property is $40M less than 2012 purchase By Isabella Farr | AUG 15, 2024, 11:30 AM MetLife Investment Management and Loews Hotels & Resorts have put their Hollywood hotel up for sale — with a steeply discounted price tag. The firms have listed the Loews Hollywood Hotel with a…
Read MorePacific Edge Hotel Sold for $80M; to Undergo Renovation
By Emily Santiago-Molina | August 12, 2024 A California-based hospitality investment entity with ties to the Marriott family has bought Laguna Beach’s Pacific Edge Hotel, the Business Journal has learned. The hotel has traded hands for $80 million, or $640,000 per key, in a deal making it the largest hotel sale in California so far…
Read MoreHotel sales in California plunge nearly 50% in first half of year
Lodging market experts blame interest rates and operating costs for investor absence By TRD Staff | Aug 13, 2024, 11:00 AM Hotel sales across the Golden State have turned to lead. In the first half of the year, hotel sales in California sank 48.5 percent to $1.19 billion year over year,the San Jose Mercury News…
Read MoreHotel sales in San Diego drop 54%. Here’s why
It’s the steepest decline in more than a decade. By LORI WEISBERG | The San Diego Union-Tribune UPDATED: August 12, 2024 at 12:57 p.m. The number of hotel sales in San Diego County has hit another low mark, falling 54 percent during the first half of this year compared with a year earlier, which is…
Read MoreHotel sales implode in Bay Area and California as lodging woes widen
High interest rates and inflation weigh down hotel sector By George Avalos | gavalos@bayareanewsgroup.com | Bay Area News Group UPDATED: August 9, 2024 at 4:24 p.m. SAN JOSE — Hotel purchases have imploded in California and the Bay Area, a fresh sign that post-coronavirus economic ailments, including high interest rates, still impair the weak lodging sector statewide. Investors paid an…
Read MoreCalifornia, Bay Area hotel sales slow to trickle in 2024Deals
Alex Barreira, Staff Reporter Aug 9, 2024, 12:46pm PDT California hotel sales so far this year have plummeted by nearly half since last year, with the state’s most significant drop in Alameda County. For the first half of 2024 year-over-year sales volume — measured by the dollar volume of transactions, rather than number of individual…
Read MoreCalifornia Hotel Deals Dollar Volume Drops Nearly 50% in First Half of 2024
Deals Pace Expected To Increase in Second Half of Year By Bryan Wroten | Hotel News Now | August 9, 2024 | 6:50 AM California hotel deals dollar volume during the first half of 2024 dropped nearly 50% compared to the same period in 2023. The California Hotel Sales Survey 2024 Mid-Year from Atlas Hospitality Group…
Read MoreSan Jose Signia by Hilton closes in on refi for $165M debt
Eagle Canyon Capital looks for fresh capital after selling hotel tower for student housing Aug 1, 2024, 6:02 PM | By TRD Staff The ownership group of a prominent hotel in downtown San Jose claims to be close to a refinance of its $165 million debt package even as the holder of a $29 mezzanine…
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