Posts Tagged ‘hospitalityindustry’

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…

Statewide, the decline in hotel sales so far this year is the steepest drop in two decades as lenders shy away from financing multi-million-dollar transactions. BY LORI WEISBERG AUG. 17, 2023 5:30 AM PT San Diego County hotels may be enjoying one of their best years ever as demand for leisure travel continues to ramp up, but…

August 16, 2023 Bianca Barragán, Southern California  Hotel sales in Los Angeles County declined nearly 53% in the first half of 2023 compared to the same time last year, according to a report this week from Atlas Hospitality Group.  Only 17 hotels in LA County traded hands in the first half of this year, down from 36 sales…

By Roy Wright  AUG 16, 2023 Sales activity in the hotel markets of the Bay Area and California has experienced a sharp decline in the first half of 2023, signaling the devastating impact of the coronavirus outbreak on the sector. The number of hotels sold during this period has dropped significantly, reminiscent of the recession…

Disconnect Over Prices Keeps Buyers, Sellers at Odds The Fairmont Century Plaza in Los Angeles sold for $760 million in a foreclosure sale during the first half of 2023. (Accor) By Bryan Wroten / Hotel News Now August 16, 2023 | 6:07 AM The number of individual hotel sales in California during the first half of…

By GEORGE AVALOS | gavalos@bayareanewsgroup.com | Bay Area News Group PUBLISHED: August 15, 2023 at 12:00 p.m. | UPDATED: August 16, 2023 at 9:22 a.m. OAKLAND — Sales activity for the hotel markets in the Bay Area and California more broadly imploded during the first half of 2023, in a renewed sign of the sector’s collapse following the coronavirus pandemic. The number…

Blazes Seen Not Only Curbing Tourism in Near Future, but Raising Insurance Costs Over Time By Jack WitthausCoStar News August 10, 2023 | 1:47 P.M. The Hawaii wildfires in Maui that have killed dozens of people and destroyed a wide swath of properties are expected to deal a major blow to the economy on the island…

CHERYL SARFATY THE NORTH BAY BUSINESS JOURNAL August 8, 2023, 3:31PM A real estate firm that tracks the state’s hotel industry has released its midyear hotel development report, which shows a sector that largely remains stalled in the face of an uncertain economy. Among the findings, over the past two years as of June, California…

AUGUST 7, 2023 By: Katie Murar No new hotels opened in Orange County during the first half of the year, as the state continues to experience a post-pandemic drop in hospitality deliveries. Just one hotel has opened in the county since the start of 2022, the 124-room Element Irvine, according to data from Irvine-based Atlas…

JEFF QUACKENBUSH Two Wine Country hotels with a combined 222 rooms are at risk of being sold in foreclosure early next month to cover at least $80.7 million outstanding on the financing. Trustee’s sales are set for the 90-room Cambria Napa Valley hotel at 320 Soscol Ave. in Napa and 132-room Cambria Sonoma Wine Country hotel at 5870 Labath…

Biggest hospitality deal in San Diego area this year JUL 29, 2023, 1:00 PM By TRD Staff In what stands as the region’s largest — and California’s third-largest overall — hospitality deal this year, Chicago-based investment firm GEM Realty Capital bought The Inn at Rancho Santa Fe, a luxurious resort in an affluent enclave near San Diego,…

So far this year, just one new hotel in the county has opened — in downtown San Diego BY LORI WEISBERG AUG. 4, 2023 5:40 AM PT The pace of hotel openings across San Diego continued to be sluggish during the first half of this year, with just one hotel — in downtown San Diego — making…