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San Diego Hotel Foreclosures Continue to Rise
First Quarter of 2011 Number Grew to 17, a 183% Jump Over Prior Year


By Lori Weisberg, The San Diego Union-Tribune
April 29, 2011

While the lodging industry continues to see improving revenues and higher occupancies, the number of distressed hotels is still climbing statewide and in San Diego, according to a quarterly report released Thursday.

Locally, the inventory of foreclosed hotels during the first quarter of this year grew to 17, a 183 percent jump over a year earlier, reported Atlas Hospitality Group. By comparison, the statewide increase was 87 percent. Better news was in the area of defaults, which in San Diego County slid 21 percent compared to the first quarter of 2010.

San Bernardino County leads the state in the number of hotels foreclosed on with 18, followed by San Diego County.

“That’s a reflection of hotels doing better in certain marketplaces. Revenues have increased over where they were last year,” said Alan Reay, president of Atlas Hospitality. “Then why are we seeing more defaults and foreclosures? It’s because they simply have too much debt on them.”

The W hotel in downtown San Diego fell into foreclosure in 2010 and has recently been marketed for sale.


For the rest of the story and graph of  foreclosed hotels in San Diego County please visit:
http://www.signonsandiego.com/news/2011/apr/28/san-diego-hotel-foreclosures-on-the-rise/


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


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