Posts Tagged ‘hotelnews’
Rancho Santa Fe resort sold for $100M — twice what seller paid a year ago
BY LORI WEISBERG JULY 25, 2023 5:33 PM PT Just a year after the Inn at Rancho Santa Fe was sold to a luxury resort operator, the century-old property has been sold yet again — this time for $100 million. While the sales price is more than twice what former owner Steve Hermann paid over a year…
Read MoreResort Near San Diego Trades in Region’s Biggest Hotel Sale of 2023
GEM Realty Capital Pays $100 Million for The Inn at Rancho Santa Fe By Lou HirshCoStar News July 25, 2023 | 12:11 P.M. The Inn at Rancho Santa Fe, a luxury resort in a posh enclave near San Diego, has sold for about $100 million in the region’s largest hospitality transaction this year by price amid a…
Read MoreBoutique Stays
BY BRYNN SHAFFER JULY 24, 2023 Palisociety, a collection of boutique hotels, is experiencing tremendous growth, despite the hotel industry still being in post-pandemic recovery mode. As part of that expansion, the Venice-based company recently opened a hotel in Hollywood, bringing the total number of properties in L.A. to seven. “Being able to have multiple…
Read MoreSuburban Chicago hotel owners trying to tread financial waters
Recovering occupancy may not be enough to avoid watchlists, distress By Rachel Herzog JUL 19, 2023, 11:00 AM UPDATED JUL 19, 2023, 6:00 PM In suburban Chicago, where a number of office landlords have seen their loans become delinquent or watchlisted, some hotel owners are also feeling the crunch. “In markets where you’re seeing the biggest dropoff in business…
Read MoreFour East Bay hotels will be given to lenders in brutal lodging market
Decision points to ongoing weakness for Bay Area hotels By GEORGE AVALOS | gavalos@bayareanewsgroup.com | Bay Area News Group PUBLISHED: July 10, 2023 at 8:20 a.m. | UPDATED: July 10, 2023 at 3:34 p.m. OAKLAND — A wobbly hotel operator will surrender ownership of 19 hotels nationwide — including four in the East Bay — as a way to curb worsening debts,…
Read MoreHotel Industry Covid Bounce Back a San Diego Success Story
HOSPITALITY: SD County Hotel Business Among Top 10 in U.S. BY: KAREN PEARLMAN JULY 3, 2023 The Covid-19 pandemic kept travelers close to home and greatly impacted the hospitality industry, with staffing cuts and hotel closures not uncommon. But with the health emergency more in the rear-view mirror, protocols less restricted and visitors’ minds more…
Read MoreSan Francisco hotels struggle to make debt payments
Crisis approaches as loans mature and tourism rebound lags. JUN 9, 2023, 3:43 PMBy Pawan Naidu San Francisco hotels are approaching a debt crisis as many properties struggle to meet their loan service payments and higher interest rates make refinancing too expensive. According to a report by Trepp, 89 percent of lodging CMBS loans in the city have…
Read MoreLuxury Hotel Plans of the World’s Richest Person Trail in Beverly Hills Vote Count
Arnault’s LVMH Says It Appears To Lack Votes for Cheval Blanc Hotel Construction Outside Los Angeles By Jack WitthausCoStar News May 30, 2023 | 1:38 P.M. A proposed luxury hotel appears to have been shot down by voters in Beverly Hills, California, after voters concerned about development and unions prevailed against the world’s richest person in…
Read MoreSan Manuel casino owners buy 40% of Dana Point’s Monarch Beach resort
This is part of San Manuel’s diversification away from its legacy business, the Yaamava’ Resort & Casino at San Manuel. By JONATHAN LANSNER | jlansner@scng.com | Orange County RegisterPUBLISHED: June 5, 2023 at 10:23 a.m. | UPDATED: June 5, 2023 at 6:00 p.m. The San Manuel Band of Mission Indians, owners of the Yaamava’ casino and hotel in Highland, are gambling on…
Read MoreDowntown San Francisco Hilton hotels could net a discount for a patient buyer
By Alex Barreira – Staff Reporter, San Francisco Business TimesJun 5, 2023 Updated Jun 5, 2023, 5:25pm PDT The expected ownership change of the Hilton San Francisco Union Square and Parc 55 hotels could play a significant role in shifting local hotel market dynamics for the near term, arriving on the heels of several other debt-impacted hotel dispositions. The expression…
Read MoreS.F.’s hotel pain could spread as more than 30 owners face mortgage deadlines
By: Roland Li | June 7, 2023 Park Hotels & Resorts’ plan to surrender ownership of two of San Francisco’s biggest hotels reflects the city’s slow tourism recovery and the widening financial distress hitting local property owners. The company plans to give up nearly 3,000 hotel rooms in the Hilton San Francisco Union Square and Parc 55 properties. Its…
Read MoreSan Francisco’s Largest Hotels May Be Sold by Real Estate Group.
Park Hotels and Resorts has ceased payments on a $725m loan on its San Francisco properties, including the 1,921-room Hilton San Francisco Union Square and the 1,024-room Parc 55 San Francisco. The company is expected to give the two hotels back to its lender. The decision is a major disinvestment for the city’s hospitality market,…
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