Tuesday, October 6, 2009

Hotel Foreclosures Triple In the Sunshine State

Bloomberg reports

Foreclosures climbed to 47 in January through September from 15 a year earlier and properties in default more than quadrupled to 259, Irvine, California-based Atlas Hospitality Group said in a statement. Atlas specializes in selling hotels. The survey didn’t include states other than California.

Declining occupancy rates and a dearth of credit for refinancing loans taken out during the U.S. real estate boom is squeezing the travel industry. Loans secured by more than 1,500 hotels with a total outstanding balance of $24.5 billion may be in danger of default, according to Realpoint LLC, a credit rating company that tracks the performance of securities tied to mortgages on commercial property.

We need CRE headlines like todays', everyday, and its coming...

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