Posts Tagged ‘hotelnews’
OC New Hotel Rooms Double in 2020
OC New Hotel Rooms Double in 2020 | Orange County Business Journal (ocbj.com) JW MARRIOTT, RADISSON BLU LARGEST IN STATE TO OPEN By Katie Murar Monday, February 8, 2021 Orange County hotel development bucked statewide trends last year, with 1,401 new hotel rooms opening in 2020, more than twice the amount seen in 2019. California, meanwhile,…
Read MorePrice for Sir Francis Drake could spell bad news for S.F. hotel market
What the Sir Francis Drake hotel sale says about the S.F. hotel market – San Francisco Business Times (bizjournals.com) By Alex Barreira – Staff Reporter, San Francisco Business Times Feb 8, 2021 San Francisco has a new hotel comp — and it’s not necessarily great news for the industry. The historic Sir Francis Drake hotel at Union Square…
Read MoreImpact of pandemic on hotels to be felt for years
Monday, February 1, 2021 By Thor Kamban Biberman Like many industries throughout the world, the COVID-19 pandemic has dealt an enormous blow to the hotel industry, as noted by Atlas Hospitality Group president Alan Reay. One of the hardest hit firms has been Sunstone Hotel Investors. The Irvine-based firm lost $92.49 million in the third…
Read MoreCOVID economy: Huge job losses hammer Bay Area hotels, restaurants
COVID economy: Big job losses hammer Bay Area hotels, restaurants (mercurynews.com) Hotel, restaurant job losses total nearly half-million in California By GEORGE AVALOS | gavalos@bayareanewsgroup.com | Bay Area News Group PUBLISHED: February 1, 2021 at 11:50 a.m. | UPDATED: February 2, 2021 at 6:49 a.m. SAN JOSE — Coronavirus-linked economic woes unleashed mammoth job losses for hotels and restaurants in the Bay…
Read MorePandemic Takes Toll on California Hotel Development Trends
https://www.costar.com/article/431511153?utm_source=newsletter&utm_medium=email&utm_campaign=hospitality_prospect&utm_content=p6 New Openings Drop by Nearly a Third in 2020 as Project Lending Remains Scarce By Lou Hirsh – CoStar News Jan 27, 2021 | 11:54 P.M. An almost 30% year-over-year drop in new California hotel developments and openings last year could be a sign of what’s to come in a state where hospitality demand typically…
Read MoreQueen Mary Operator Files for Bankruptcy
https://labusinessjournal.com/news/2021/jan/25/queen-mary-operator-files-bankruptcy/ By Hannah Madans Monday, January 25, 2021 Eagle Hospitality Trust, the Singapore-based group that operates the iconic Queen Mary and the Sheraton Pasadena, has filed for Chapter 11 bankruptcy protection. In total, more than two dozen hotels and other properties were part of the filing by the company, which has more than $500 million in…
Read MoreReal estate: Owner of hotels in Bay Area files for bankruptcy
https://www.mercurynews.com/2021/01/21/real-estate-hotel-owner-bay-area-bankrupt-covid-economy-jobs-eagle/ Hotels in South Bay, Peninsula are caught up in owner’s bankruptcy By GEORGE AVALOS | gavalos@bayareanewsgroup.com | Bay Area News Group PUBLISHED: January 21, 2021 at 5:45 a.m. | UPDATED: January 21, 2021 at 3:32 p.m. SAN JOSE — The owner of two Bay Area hotels, one in San Jose and one in San Mateo, has filed for bankruptcy, grim…
Read MoreOperator of Queen Mary in Long Beach files for bankruptcy protection
Operator of Queen Mary in Long Beach files for bankruptcy – Los Angeles Times (latimes.com) By HUGO MARTÍNSTAFF WRITER JAN. 20, 2021 3:48 PM The real estate investment trust that operates the Queen Mary in Long Beach and owns 26 other hotels filed for bankruptcy protection this week, signaling what could be the start of a…
Read MoreLa Jolla firm joins rush to acquire financially troubled hotels amid pandemic
La Jolla firm joins rush to acquire financially troubled hotels amid pandemic – La Jolla Light The newly formed Torrey Pines Hotel Group will join a Los Angeles-based firm to buy up financially distressed hotels at discounted rates and manage them long-term. By LORI WEISBERG JAN. 18, 2021 10 AM As hotels struggle to survive a…
Read MoreAn inhospitable market? LA’s biggest hotel sales plunge in 2020
https://therealdeal.com/la/2020/12/18/an-inhospitable-market-las-biggest-hotel-sales-plunge-in-2020/?utm_source=internal&utm_medium=after_article&utm_campaign=related_article Large deals have been few and far between as investors wait out pandemic Los Angeles / December 18, 2020 08:50 AM By Matthew Blake | Research By Jerome Dineen This was a bad year to sell a hotel. Only two of the five biggest Los Angeles County hotel sales in 2020 would have made the cut for last year’s top five, according…
Read MorePalo Alto Hotel Sells For $32.7M: Report
https://patch.com/california/paloalto/palo-alto-hotel-sells-32-7m-report The Palo Alto property is among five Oxford Capital purchased for a combined $111 million according to the report. By Gideon Rubin, Patch Staff Dec 18, 2020 5:19 pm PT PALO ALTO, CA — A Palo Alto hotel has been sold amid a Chicago-based investment group’s Monopoly board-style Bay Area buying spree. Oxford Capital paid…
Read MoreHotel Near Los Angeles Airport Sold in Region’s Second-Largest Deal of 2020
$91.5 Million Trade is California’s Fifth Priciest Amid Pandemic Conditions https://product.costar.com/home/news/shared/1439334782?utm_source=newsletter&utm_medium=email&utm_campaign=personalized&utm_content=p4 By Lou Hirsh / CoStar News December 16, 2020 | 5:25 P.M. Sunstone Hotel Investors sold the 502-room Renaissance Los Angeles Airport hotel for $91.5 million in the L.A. market’s second-priciest hotel deal by sum of 2020, a tough year for hospitality properties amid the coronavirus…
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