Wednesday, October 07, 2009

Hotel defaults, foreclosures rise in California --

Hotel defaults, foreclosures rise in California -- "More California hotels are being pushed into foreclosure as tourists and businesses alike scale back their travel plans and owners are unable to pay their mortgages.

Statewide, more than 300 hotels were in foreclosure or default on their loans as of Sept. 30 -- a nearly fivefold increase since the start of the year, according to an industry report released Tuesday.

The list of troubled properties includes the St. Regis Monarch Beach in Dana Point, the downtown Los Angeles Marriott, the Sheraton Universal and the W hotel in San Diego."

This is just the beginning of a meltdown in the commercial real estate market.

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