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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.
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/Courtesy of Atlas
Hospitality Group
The San Diego
Mission Plaza Hotel
& Suites went into foreclosure earlier this year
and was recently re-sold.
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