Posts Tagged ‘hospitalityindustry’
Operator of Queen Mary in Long Beach files for bankruptcy protection
Operator of Queen Mary in Long Beach files for bankruptcy – Los Angeles Times (latimes.com) By HUGO MARTÍNSTAFF WRITER JAN. 20, 2021 3:48 PM The real estate investment trust that operates the Queen Mary in Long Beach and owns 26 other hotels filed for bankruptcy protection this week, signaling what could be the start of a…
Read MoreLa Jolla firm joins rush to acquire financially troubled hotels amid pandemic
La Jolla firm joins rush to acquire financially troubled hotels amid pandemic – La Jolla Light The newly formed Torrey Pines Hotel Group will join a Los Angeles-based firm to buy up financially distressed hotels at discounted rates and manage them long-term. By LORI WEISBERG JAN. 18, 2021 10 AM As hotels struggle to survive a…
Read MoreAn inhospitable market? LA’s biggest hotel sales plunge in 2020
https://therealdeal.com/la/2020/12/18/an-inhospitable-market-las-biggest-hotel-sales-plunge-in-2020/?utm_source=internal&utm_medium=after_article&utm_campaign=related_article Large deals have been few and far between as investors wait out pandemic Los Angeles / December 18, 2020 08:50 AM By Matthew Blake | Research By Jerome Dineen This was a bad year to sell a hotel. Only two of the five biggest Los Angeles County hotel sales in 2020 would have made the cut for last year’s top five, according…
Read MorePalo Alto Hotel Sells For $32.7M: Report
https://patch.com/california/paloalto/palo-alto-hotel-sells-32-7m-report The Palo Alto property is among five Oxford Capital purchased for a combined $111 million according to the report. By Gideon Rubin, Patch Staff Dec 18, 2020 5:19 pm PT PALO ALTO, CA — A Palo Alto hotel has been sold amid a Chicago-based investment group’s Monopoly board-style Bay Area buying spree. Oxford Capital paid…
Read MoreHotel Near Los Angeles Airport Sold in Region’s Second-Largest Deal of 2020
$91.5 Million Trade is California’s Fifth Priciest Amid Pandemic Conditions https://product.costar.com/home/news/shared/1439334782?utm_source=newsletter&utm_medium=email&utm_campaign=personalized&utm_content=p4 By Lou Hirsh / CoStar News December 16, 2020 | 5:25 P.M. Sunstone Hotel Investors sold the 502-room Renaissance Los Angeles Airport hotel for $91.5 million in the L.A. market’s second-priciest hotel deal by sum of 2020, a tough year for hospitality properties amid the coronavirus…
Read MoreReal estate: Big Silicon Valley, S.F. hotel deal is priced at $111 million
Major investor buys hotels in Palo Alto, Los Gatos, and San Francisco https://www.mercurynews.com/2020/12/14/real-estate-big-silicon-valley-s-f-hotel-deal-price-111-million-covid/ By GEORGE AVALOS | gavalos@bayareanewsgroup.com | Bay Area News Group PUBLISHED: December 14, 2020 at 8:20 a.m. | UPDATED: December 16, 2020 at 10:17 a.m. PALO ALTO — A big Midwest investment group has spent $111 million to buy five Bay Area hotels, including two in Silicon Valley, a…
Read MoreHotel Openings and Construction Are Slowing Across the State
BY JOSEPH PIMENTEL ORANGE COUNTY PUBLISHED 5:45 PM ET AUG. 20, 2020 The pace of new hotel openings in California is going down. After the state saw a record number of hotel openings and construction, the coronavirus-catalyzed economic downturn has slowed new hotel openings and developments in Orange County and throughout California through the first half of…
Read MoreBay Area officials want to purchase your hotel. Here’s why and what you should know
https://www.bizjournals.com/sanfrancisco/news/2020/07/30/bay-area-officials-sprint-project-roomkey.html By Alex Barreira – Staff Reporter, San Francisco Business Times Jul 30, 2020, 4:27pm PDT Updated Jul 30, 2020, 4:29pm PDT A new state initiative is granting Bay Area officials about $100 million to purchase permanent housing for the homeless, opening a potential exit route for some struggling hotel owners. It’s part of Project Roomkey, a project which aims…
Read MoreLA Celebrity Hideaway Chateau Marmont Could Become Private Residential Club
Iconic Property’s Owner Explores New Model as Pandemic Hits Hotels Hard https://product.costar.com/home/news/shared/616076017?utm_source=newsletter&utm_medium=email&utm_campaign=personalized&utm_content=p4 By Lou Hirsh CoStar News July 29, 2020 | 6:46 P.M. The iconic Chateau Marmont hotel, a nearly century-old landmark off Los Angeles’ famed Sunset Strip and known as a secluded luxury stopover for celebrities, is being eyed by its current owner for a conversion…
Read MoreMotels are having a moment. It’s a coronavirus thing
https://www.latimes.com/business/story/2020-07-24/motels-coronavirus-design By ROGER VINCENTSTAFF WRITER JULY 24, 2020 11:03 AM After many years of being looked down on, motels are getting new respect in the era of social distancing. Guests at open-corridor inns may come and go without passing through crowded lobbies, packed elevators or enclosed hallways where viruses may linger. “In outdoor corridors, people feel safe,” said…
Read MoreWest Elm Hotel Plans Stall With Lawsuit Involving Development Partner
Some of Retailer’s Hotel Development Sites Were Replaced With New Operators https://product.costar.com/home/news/1613864686?tag=1 By Katie Burke CoStar News July 22, 2020 | 09:09 AM Home furnishings retailer West Elm’s plans to enter the hospitality industry by building at least six hotels across the country appear to have hit a snag amid delays and legal battles, threatening…
Read MoreLuxury Hotel Seized in Malaysian Financial Case Heads to Auction in Posh Beverly Hills
Court to Sell Off California’s Viceroy L’Ermitage After Former Owner’s International Legal Troubles https://product.costar.com/home/news/shared/1827109742?utm_source=newsletter&utm_medium=email&utm_campaign=personalized&utm_content=p4 By Lou Hirsh CoStar News July 20, 2020 | 4:10 P.M. A luxury Beverly Hills, California, hotel that is popular with celebrities could be sold at a discount in a court-ordered auction next month, following what international law enforcement officials call a money laundering…
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