California Hotels Hit Hard
About 250 California Hotels are in default or foreclosure according to the Irvine consulting firm Atlas Hospitality Group. Los Angeles County has been hit the worst with 27 troubled hotels, among them is a 469-room Marriott in Downtown Los Angeles.
According to a Los Angeles Times article, “Hotels are facing a double-whammy: a slowdown in the hospitality business and the devastation in the real estate market. As a result, owners can’t easily sell their properties if they run into trouble.”