307 California hotels in default in 2009 – Sacramento Business Journal:
A study by Atlas Hospitality Group of Irvine found 2009 to be a difficult year for hotels in California.
The number of hotels foreclosed rose 313 percent from 15 to 62 hotels from the previous year.
The increase in hotels in default rose even more, from 53 in 2008 to 307 in 2009 — a 479 percent increase.
More than 80 percent of the hotels that have defaulted on their loans got those loans in 2006 and 2007.
The survey found El Dorado County ended the year with three foreclosed hotels and Placer County having one foreclosed property.
Hotels in default were found in all local counties, with 14 hotels representing 438 rooms in El Dorado County, two hotels representing 182 rooms in Placer County, 13 hotels representing 1,660 rooms in Sacramento County and one hotel representing Yolo County.
Los Angeles County has the most hotels in California in default with 33 properties representing 5,832 rooms. The largest single hotel property in default in California is also in Los Angeles, the 469-room Marriott Hotel in downtown.
Atlas is an Irvine-based hotel brokerage.
Not just home owners having a tough time of it!