Posts Tagged ‘hospitalityindustry’

Jennifer Huffman | Sep 6, 2023 Updated 8 hrs ago The 90-room Cambria Hotel Napa Valley, which opened in 2021 after three years of construction, has been officially lost to foreclosure. The Cambria’s developer, Stratus Development of Irvine, no longer owns the Soscol Avenue property. That foreclosure also includes a Cambria hotel in Rohnert Park, in Sonoma County.…

JEFF QUACKENBUSH – THE NORTH BAY BUSINESS JOURNAL August 31, 2023, 4:43PM – Updated 31 minutes ago Two Wine Country hotels with 222 rooms altogether are now under the ownership of the lender after there were no takers in recent foreclosure auctions to cover over $80 million in outstanding debt on both relatively new facilities.…

Deal at $160K per room comes as hospitality sales shrink in SoCal market AUG 29, 2023, 5:56 PM By Trevor Bach / Research by Christian Bautista In a dire season for L.A. hotel sales, one Irvine-based development firm has picked up a 148-key property near LAX.  Greens Group, an Irvine-based company led by Ashutosh Kadakia, bought the Wingate…

BY BRYNN SHAFFER / AUGUST 28, 2023 This year, hotel sales experienced a steep decline statewide, according to Atlas Hospitality Group, which recently released its midyear 2023 California sales report.  “It’s a record number decline,” said Alan Reay, president of Atlas Hospitality Group, who’s been tracking California hotel sales for more than 20 years. “We’ve never seen…

by Tom York 2 days ago The price of an apartment in San Diego appears to be moderating a bit. Renters here, especially those looking for new places to live, saw continued relief as Realtor.com’s July Rental Report revealed a third consecutive month of declining year-over-year costs for studio, one- and two-bedroom properties. The drop of 1.0% from July…

Hotel Performance in Hawaii; Insights from Hotel Data Conference; and More By Dana MillerHotel News Now August 23, 2023 | 5:31 AM IHG’s New Midscale Brand IHG Hotels & Resorts unveiled its newest and 19th brand, Garner, which will initially be focused in the U.S. and be positioned as a midscale conversion brand, reports Hotel News Now’s…

Aug 21, 2023 By Alex Barreira – Staff Reporter, San Francisco Business Times Updated Aug 21, 2023 4:52pm PDT The rate of hotel sales across the Bay Area and around California has fallen as sharply in the first half of this year as any point since 2009. Across Northern California including all nine Bay Area counties there have…

ByJames Forsyth – Aug 18, 2023 The Bay Area and Southern California are experiencing a significant downturn in hotel sales, as investors quickly exit the market. According to the San Jose Mercury News, the number of hotels sold in California during the first half of the year has plummeted, surpassing the lows seen during the…

CHERYL SARFATY THE NORTH BAY BUSINESS JOURNAL August 17, 2023, 7:09PM Sales of California hotel properties for the first half of 2023 have fallen more than 53% compared to the same time last year, according to a company that tracks hotel sales. In its newly published hotel sales survey for midyear 2023, Newport Beach-based Atlas…

Activity during H1 2023 is biggest plunge since the Great Recession. By Jack Rogers | August 18, 2023 at 06:03 AM Sales activity for the hotel markets in California imploded in the first half of this year at a pace that seems even worse than the collapse experienced during the Great Recession of 2008 and 2009. The number…

Decline eclipses market of the Great Recession: “We have seen nothing like this” AUG 17, 2023, 2:15 PM By TRD Staff Hotel sales from the Bay Area to Southern California are in the lurch, with investors fleeing toward the exits. The number of hotels sold in the Bay Area and across the state plunged during the…

Thursday, August 17, 2023 By Thor Kamban Biberman High interest rates are scuttling many hotel sales, other hotel owners don’t want to sell, and finding financing for new hotels is extremely challenging, according to the latest report from Atlas Hospitality Group. San Diego County’s individual sales decreased 48 percent year-over-year in the first half of…