Posts Tagged ‘hospitalityindustry’
Hotel Portfolio Heads for Possible Sell-Off Amid Bankruptcy Filing
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…
Read MoreTom York on Business: Gov. Newsom’s Project Homekey Kept California Hotels Afloat in 2020
https://timesofsandiego.com/business/2021/02/22/tom-york-on-business-gov-newsoms-project-homekey-kept-california-hotels-afloat-in-2020/ by Tom York Times of San Diego Orange County hospitality expert Alan Reay recently released his annual 2020-year-end survey of hotel sales transactions in the state. The report is always of interest because of the importance of hotel industry to the state and San Diego economy. Some highlights of the report: COVID-19 had a “devastating impact” on…
Read MorePebblebrook has bashed S.F. and is unloading a local hotel. Here’s what the CEO now says about the market.
https://www.bizjournals.com/sanfrancisco/news/2021/02/25/jon-bortz-raymond-martz-pebblebrook-sf-hotel-drake.html 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…
Read MorePandemic’s Effect on California Development Could Increase Hotel Values
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,…
Read MoreS.F. hotels have 83 million new reasons to sell to Project Homekey
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.…
Read MoreOC New Hotel Rooms Double in 2020
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,…
Read MorePrice for Sir Francis Drake could spell bad news for S.F. hotel market
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…
Read MoreImpact of pandemic on hotels to be felt for years
Monday, February 1, 2021 By Thor Kamban Biberman Like many industries throughout the world, the COVID-19 pandemic has dealt an enormous blow to the hotel industry, as noted by Atlas Hospitality Group president Alan Reay. One of the hardest hit firms has been Sunstone Hotel Investors. The Irvine-based firm lost $92.49 million in the third…
Read MoreCOVID economy: Huge job losses hammer Bay Area hotels, restaurants
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…
Read MorePandemic Takes Toll on California Hotel Development Trends
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…
Read MoreQueen Mary Operator Files for Bankruptcy
https://labusinessjournal.com/news/2021/jan/25/queen-mary-operator-files-bankruptcy/ By Hannah Madans Monday, January 25, 2021 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…
Read MoreReal estate: Owner of hotels in Bay Area files for bankruptcy
https://www.mercurynews.com/2021/01/21/real-estate-hotel-owner-bay-area-bankrupt-covid-economy-jobs-eagle/ Hotels in South Bay, Peninsula are caught up in owner’s bankruptcy By GEORGE AVALOS | gavalos@bayareanewsgroup.com | Bay Area News Group PUBLISHED: January 21, 2021 at 5:45 a.m. | UPDATED: January 21, 2021 at 3:32 p.m. SAN JOSE — The owner of two Bay Area hotels, one in San Jose and one in San Mateo, has filed for bankruptcy, grim…
Read More