Posts Tagged ‘hotelnews’
Short-Term Rental Companies Prosper During Pandemic
https://labusinessjournal.com/news/2021/may/17/short-term-rental-companies-prosper-during-covid/ By Hannah Madans Monday, May 17, 2021 Despite tough regulations and a pandemic that pummeled the Los Angeles hospitality industry, local vacation rental operators are thriving. West Hollywood-based AvantStay Inc. and Beverly Hills-based Nightfall Group are seeing a surge in demand. Bookings with AvantStay, a short-term rental company that operates in 60 cities, including Malibu,…
Read MoreCOVID hospitality: Two Silicon Valley hotels head for auction block and foreclosure
Hotels in Mountain View, Sunnyvale face seizure through loan foreclosure https://www.eastbaytimes.com/2021/04/26/covid-real-estate-two-silicon-valley-hotels-auction-foreclosure/ By GEORGE AVALOS | gavalos@bayareanewsgroup.com | Bay Area News Group PUBLISHED: April 26, 2021 at 5:45 a.m. | UPDATED: April 27, 2021 at 6:46 a.m. SUNNYVALE — Two Silicon Valley hotels are headed for the auction block and foreclosure, fresh evidence that economic ailments unleashed by the coronavirus still sicken the…
Read MoreGov. Newsom’s Economic Reopening Announcement Isn’t The Defining Moment CRE Needs
https://www.bisnow.com/san-francisco/news/commercial-real-estate/california-june-reopening-might-mean-choppy-waters-ahead-108468 April 9, 2021 Bianca Barragán and Jacob Bourne After having the physical and social scope of their lives drastically diminished for over a year, Gov. Gavin Newsom’s announcement that the state may undergo a full economic reopening on June 15 could signal to Californians that it is time to celebrate. For commercial real estate, that could manifest…
Read MoreWave Of Distress Missing LA Hotels To The Delight Of Value-Add And Redevelopment Projects
https://www.bisnow.com/los-angeles/news/hotel/los-angeles-hotels-pandemic-rebound-108471 April 9, 2021 Bianca Barragán, Bisnow Southern California The team marketing the Mart South hotel redevelopment in Downtown LA’s Fashion District noticed earlier this year that there was a big increase in interest in the property, a former office building entitled for hotel conversion. In fall 2020, the property was averaging about three inquiries a month, but…
Read MoreWill California hotels get back to normal? This expert says yes
https://www.ocregister.com/2021/03/29/will-california-hotels-get-back-to-normal-this-expert-says-yes/ “The amount of interest that we’re now receiving from buyers is incredible. In some respects, it’s as if COVID never happened,” says Alan Reay. By SANDRA BARRERA | sbarrera@scng.com | Los Angeles Daily News PUBLISHED: March 29, 2021 at 8:00 a.m. | UPDATED: March 29, 2021 at 8:01 a.m. Like so many people, Alan Reay can’t wait to check-in, again. Reay is…
Read MoreReal estate: Upscale Menlo Park hotel is seized through foreclosure
https://www.mercurynews.com/2021/04/02/real-estate-upscale-menlo-park-hotel-seized-foreclosure-covid/ Boutique Menlo Park hotel in default on mortgage is auctioned off By GEORGE AVALOS | gavalos@bayareanewsgroup.com | Bay Area News Group PUBLISHED: April 2, 2021 at 5:45 a.m. | UPDATED: April 2, 2021 at 4:23 p.m. MENLO PARK — An upscale Menlo Park hotel whose owners had defaulted on a property loan has been seized through foreclosure of its loan, a…
Read MoreSac, West Sac paid millions over appraised values for two motels under Homekey program
https://www.bizjournals.com/sacramento/news/2021/04/01/homekey-appraised-values.html By Renata Geraldo – Data Reporter Sacramento Business Journal Apr 1, 2021, 3:14pm EDT The cities of Sacramento and West Sacramento paid a total of almost $5 million above appraised market values for two motels they acquired under the Homekey program, a $600 million statewide project to purchase motels and convert them into housing for unhoused…
Read MoreDowntown Oakland Moxy hotel completes construction, preps opening
https://www.eastbaytimes.com/2021/03/31/downtown-oakland-moxy-hotel-complete-construct-open-real-estate-covid/ Opportunity zone tax breaks bolster Oakland hotel’s development By GEORGE AVALOS | gavalos@bayareanewsgroup.com | Bay Area News Group PUBLISHED: March 31, 2021 at 12:09 p.m. | UPDATED: April 1, 2021 at 4:39 p.m. OAKLAND — Downtown Oakland’s bustling Uptown District is about to get a new Moxy Hotel, a welcome change of pace to a dismal year of coronavirus-linked business…
Read MoreInterest Grows in Converting Hotels to Other Uses
Multifamily, Senior Living, Student Housing Among More Popular Conversions https://www.costar.com/article/577844466?utm_source=newsletter&utm_medium=email&utm_campaign=hospitality_prospect&utm_content=p1 By Bryan Wroten Hotel News Now Mar 24, 2021 | 1:09 P.M. Both private and government buyers are finding real estate conversion opportunities with U.S. hotel owners who are reevaluating the highest and best use of their properties due to the COVID-19 pandemic. Buyers and other…
Read MoreReal estate: Bankrupt Bay Area hotels are slated for auction
Court sets May schedule for sale of 15 hotels, including two in Bay Area https://www.mercurynews.com/2021/03/25/real-estate-bankrupt-bay-area-hotel-auction-covid-queen-mary/ By GEORGE AVALOS | gavalos@bayareanewsgroup.com | Bay Area News Group PUBLISHED: March 25, 2021 at 6:20 a.m. | UPDATED: March 25, 2021 at 10:14 a.m. SAN JOSE — A bankrupt hotel chain has won court approval for the sale of more than a dozen U.S. hotels,…
Read MoreFairmont San Jose owners target quick end to bankruptcy
Fairmont was nearly empty during worst of the coronavirus outbreak: court papers https://www.mercurynews.com/2021/03/24/fairmont-san-jose-hotel-owner-swift-bankruptcy-case-real-estate-covid/ By GEORGE AVALOS | gavalos@bayareanewsgroup.com | Bay Area News Group PUBLISHED: March 24, 2021 at 5:45 a.m. | UPDATED: March 24, 2021 at 2:36 p.m. SAN JOSE — The Fairmont San Jose owners have sketched out a swift endgame for the iconic hotel’s bankruptcy case in the first version…
Read MoreLocal Hotel Market Recovering
https://www.sdbj.com/news/2021/mar/10/local-hotel-market-recovering/ By Ray Huard Wednesday, March 10, 2021 Investors are starting to take a renewed interest in San Diego County hotels with industry experts predicting that 2021 will be a year of strong recovery. “There’s definitely been a change in how buyers look at hotels and I would say the one word that sums it up…
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