Posts Tagged ‘hospitalityindustry’
New hotel at SoFi Stadium to cater to athletes and fans
By Roger Vincent | Staff Writer | Oct. 11, 2024 3 AM PT Construction is underway on a $300-million hotel next to SoFi Stadium, the latest addition to Rams owner Stan Kroenke’s sprawling mixed-use development on the former site of the Hollywood Park horse racing venue in Inglewood. The 300-room Kali Hotel is the only hotel in Kroenke’s…
Read MoreUniversal City hotel expansion project clears early approval hurdle
By Roger Vincent | Sept. 18, 2024 1:33 PM PT Construction of a new high-rise addition to the Hilton hotel in Universal City was approved by the Los Angeles Planning Commission, clearing a major hurdle for the long-planned expansion. The decision comes as Universal Studios and other popular tourist destinations in the region shine for hoteliers even…
Read MoreInterest rates drag down hotel sales in Los Angeles and across the state
By Caroline Petrow-Cohen | Staff Writer | Sept. 12, 2024 9:14 AM PT Hotel sales are flagging in Los Angeles County and throughout the state as high interest rates and smaller-sized deals have been a drag on the market, according to a recent industry report. During the first six months of the year, the number of hotels…
Read MoreLack of hospitality: LA hotel sales drop $800M since last year
Market favors smaller properties that need less capital but struggles with “bid-ask spread” Sep 10, 2024, 11:30 AM | By TRD Staff It pays to think small in the Los Angeles hotel market. At least, that’s how the market has worked so far this year. Los Angeles County saw a 6 percent drop in the…
Read MoreHotels: 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…
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