Posts Tagged ‘hospitalityindustry’
LA law creates new hurdles for hotel developers
Compromise requires builders to replace homes demolished by development By TRD Staff | JAN 22, 2024, 11:36 AM Hotel developers in Los Angeles must now replace homes demolished for hospitality suites. The City Council passed a law early last month requiring new hotel projects to replace displaced housing units on a one-for-one basis, Hotel News…
Read MoreCalifornia sees hotel supply shortage, could push up values
No new hotels opened in SF in 2023 JAN 19, 2024, 12:30 PM | By Daria Solovieva Last year wasn’t a walk in the park for California developers and the latest numbers show it. A biannual survey by brokerage firm Atlas Hospitality Group published this week indicated the hotel supply issues are likely to persevere…
Read MoreLos Angeles Housing Law Adds More Hurdles to Hotel Development
High Barriers To Entry Make Construction Harder To Justify Financially By Bryan Wroten | Hotel News Now | January 19, 2024 | 6:28 AM A new law in Los Angeles could have a dramatic effect on hotel development in the city — that is, if hotel developers didn’t already feel constrained by the overall environment there.…
Read MoreOnly two hotels opened last year in San Diego as California faces slowdown in new lodging
Despite difficulties securing financing for new construction, the Manchester Financial Group hopes to break ground this year on a highrise hotel in downtown San Diego. BY LORI WEISBERG | JAN. 18, 2024 10:30 AM PT The pace of hotel construction in San Diego County rose slightly last year compared to 2022, bucking a statewide trend of slowing…
Read MoreHotel development implodes in Bay Area and California due to economy: new report
Lousy market torpedoes hotel projects and openings statewide By GEORGE AVALOS | gavalos@bayareanewsgroup.com | Bay Area News Group PUBLISHED: January 17, 2024 at 1:50 p.m. | UPDATED: January 18, 2024 at 6:17 a.m. SAN JOSE — Hotel construction and new openings have cratered in the Bay Area and throughout California, fresh evidence of a brutal commercial real estate market statewide, a new…
Read MoreNew Rules Passed For LA Hotels As Industry Worries About Development Pause
December 10, 2023 | Bianca Barragán Existing hotels like the Biltmore Hotel in Downtown might be benefactors of a climate that is less attractive for new hotel development. The Los Angeles City Council last week finalized a deal that removes a measure from the March 2024 ballot that would have required hotels across the city to offer vacant…
Read MoreBig San Jose hotel goes up for sale, deal could be market barometer
Possible hotel deal could offer clues about Bay Area lodging market strength By GEORGE AVALOS | gavalos@bayareanewsgroup.com | Bay Area News Group PUBLISHED: January 9, 2024 at 5:30 a.m. | UPDATED: January 9, 2024 at 2:02 p.m. SAN JOSE — The Signia by Hilton hotel, a downtown San Jose icon, is up for sale in a deal that may produce a diagnosis…
Read MoreREAL ESTATEHOSPITALITY REAL ESTATE
Downtown Hotels Open in Late 2023 BY BRYNN SHAFFER | JANUARY 8, 2024 As the 96-year-old Ace Hotel Downtown Los Angeles closes its doors at the end of the month, as announced in an Instagram post in December, another downtown hotel has opened. Sonder Holdings Inc., a modern tech-enabled hospitality service based in San Francisco,…
Read MoreHighgate misses payoff deadline for $250M debt on Hyatt Regency SOMA
After $70M renovation of SF hotel, it’s a question of “throwing good money after bad” JAN 4, 2024, 5:02 PM | By Emily Landes Highgate Hotels has missed a balloon payment on about $250 million in debt attached to the Hyatt Regency Downtown SOMA, according to loan documents and special servicer commentary cited by Trepp. …
Read MoreThe Ace Hotel DTLA Will Cease Operations In Early 2024
December 13, 2023 | Bianca Barragán The Ace Hotel DTLA will cease operations at the end of January. “It’s been an honor to inhabit these hallowed halls and The Theatre for ten golden years, which feels as good a run as any,” an Instagram post on the Ace Hotel’s account says. “We hope to be back before…
Read MoreClimate-related events are impacting tourist travel decisions and hotels’ bottom lines
By Patricia Kirk | Nov 27, 2023 8:00am Climate-related events are affecting where and when tourists visit U.S. destinations and will continue to play a role in vacation decisions as Climate Change worsens. A 2021 study by the National Institutes of Health on the impact of Climate Change on tourist destination decisions, which was published in JAMA,…
Read MoreNew Rules Passed For LA Hotels As Industry Worries About Development Pause
December 10, 2023 | Bianca Barragán The Los Angeles City Council last week finalized a deal that removes a measure from the March 2024 ballot that would have required hotels across the city to offer vacant rooms to unhoused Angelenos and replaces it with a series of new regulations to the approval process for new hotels. Hotel trade groups embraced the new…
Read More