If you've ever wanted to go into the hospitality business then now may be the time to buy. There are many foreclosed hotels hitting the market!
In the last 60 days California hotels in default or foreclosed on jumped 125%.
San Bernardino leads the way with 19.6% of the total hotels in foreclosure.
Riverside County follows with 16.1%
San Diego County has 12.9%.
The default amount is largely due to hotels refinancing during 2005 when the economy began it's downward spiral and revenues were down and have stayed down since.
Figures courtesy of Atlas Hospitality Group
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