Hotel Foreclosures and Defaults in San Diego County Easing; 2011 Saw a 54.8% Decline in Defaults / Lori Weisberg / January 2012

The Holiday Inn in downtown San Diego was one of 11 hotels that fell into foreclosure in 2011

As the lodging industry continues to mount a strong recovery, fewer hotels last year fell into foreclosure, a major turnaround from the financial distress of 2009 and 2010.

According to a year-end report released by Orange County-based Atlas Hospitality Group, the number of San Diego County hotels that were foreclosed on dropped from 13 in 2010 to 11 last year, while the decline in loan defaults was even steeper, falling from 31 to 14.

The 11 hotels that were taken back by lenders in 2011, including the Holiday Inns in downtown San Diego and Mission Valley, accounted for 1,299 rooms.

In fact, among the largest California counties, San Diego saw the biggest percentage decline in defaults, the first step in the foreclosure process.

In 2012, as the tourism industry continues to strengthen following the deep troughs of the recession, even fewer hotels will be returned to lenders, predicts Atlas Hospitality.

To read the rest of the story along with graph of properties please visit:
http://www.utsandiego.com/news/2012/jan/12/hotel-foreclosures-defaults-easing/

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