Southern California Hotels For Sale - Foreclosures Increasing!

By
Real Estate Broker/Owner with Realty Works Temecula BRE No: 01233850

October 2010

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

 

 

Jane Grant Southwest Real Estate   Telephone:  866 621-0155
 
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Southwest Real Estate, Inc. 
Telephone:  866 621-0155

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Terrie Leighton
Ferrari-Lund Real Estate - Reno, NV
Reno Real Estate Agent ~ Selling Homes in Reno

Interesting Jane. I know the Reno hotel business is really slow and we did loose a large casino recently as well but I didn't really stop to think about all the other smaller hotels having to struggle along with everything else right now. On the up side, with interests rates as low as they are right now, maybe new, upcoming business minded people can take over and purchase these properties to turn them back into thriving hotels.

Nov 03, 2010 04:51 PM #1
Rainmaker
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Jim Frimmer
HomeSmart Realty West - San Diego, CA
Realtor & CDPE, Mission Valley specialist

The only hotel I know of that went into foreclosure was the W. It made headline news down here.

Nov 20, 2010 07:04 PM #2
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