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San Diego Leads California with Hotels in Distress;
Numbers
Surge 160% Over Same Period a Year Ago


By Lori Weisberg, The San Diego Union-Tribune
October 15, 2010

Despite signs that the lodging industry is showing a slight rebound, a growing number of local hotels are in financial distress, with San Diego leading all other California counties in the number of foreclosed properties during the third quarter, according to a report released this week.

Where San Diego ranked fifth just one quarter earlier, with six lender-owned hotels, the number jumped to 13 during the last quarter, a 160 percent surge over a year ago. Following close behind San Diego were Riverside, Los Angeles and San Bernardino counties.

Meanwhile, the number of hotels in default — the first sign of financial distress — jumped from 26 in the third quarter of last year to 41 this year, according to Irvine-based Atlas Hospitality Group, which tracks defaults and foreclosures within the hotel industry on a quarterly basis.


/Courtesy of Atlas Hospitality Group

The San Diego Mission Plaza Hotel & Suites went into foreclosure earlier this year and was recently re-sold.

For the rest of the story and a PDF download of 3rd quarter Distressed Hotels Report please visit:


Contact:

Lori Weisberg, Staff Writer
San Diego Union-Tribune
350 Camino de la Reina
San Diego, CA  92102
619-293-2251
lori.weisberg@uniontrib.com


Also See: Questions Surround Why the City of San Diego Has Permitted the Swanky SE San Diego Hotel to Continue Operating Without a Valid Certificate of Occupancy / September 2010

San Diego's Manchester Grand Hyatt Deal with Sunstone Hotel Investors Goes Sour / September 2010

Skin Care Concierges Protect Hotel Sunbathers - The Newest in Amenities? / August 2010

Traveler Preferences are Changing: Upscale San Diego Hoteliers are Increasingly Becoming Pet Friendly Offering Pet Amenities From Surfing Lessons to Pet Psychic Sessions / August 2010

Former Owner of San Diego's W Hotel, Sunstone Hotel Investors, Wants to Acquire Manchester Grand Hyatt / August 2010

San Diego's Downtown W Hotel Now Owned by Lender / July 2010

During Downturn San Diego Hotel Owners Face a Delicate Balancing Act in Calculating When and How Much to Invest in Restorations / April 2010


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