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California to See Record Number of Hotel Foreclosures
Atlas Hospitality ^ | 26 June 2009

Posted on 06/27/2009 5:38:17 PM PDT by george76

The number of California hotels in default or foreclosed on jumped 125% in the last 60 days. The state now has 31 hotels that have been foreclosed on and 175 in default...

With 19.6% of the total, San Bernardino County leads the state in foreclosed hotels. Riverside County follows with 16.1% and San Diego County has 12.9%. Los Angeles County, with 12% of the total, has the most hotels in default. San Bernardino County is next with 9.7% and San Diego County follows with 8.0%.

Non-franchised hotels account for a disproportionate number of foreclosures. They make up about 87% of the total. However, franchised otels [sic] make up 59% of the defaulted properties.

(Excerpt) Read more at atlashospitality.com ...


TOPICS: Business/Economy; Extended News; News/Current Events; US: California
KEYWORDS: bhoeconomy; default; foreclosed; foreclosures; hotels; second100days
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1 posted on 06/27/2009 5:38:18 PM PDT by george76
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To: george76

Are these the “green shoots” that the Buttcrack Administration and other brilliant economists are talking about?


2 posted on 06/27/2009 5:41:46 PM PDT by MAD-AS-HELL (Hope and Change. Rhetoric embraced by the Insane - Obama, The Chump in Charge)
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To: george76

25% travel tax, 22% room/rack tax what did you expect?

I was in Seattle on my last trip and at the hotel cafe, they charged me a dollar on my bill as a user tax.


3 posted on 06/27/2009 5:43:29 PM PDT by edcoil (If I had 1 cent for every dollar the government saved, Bill Gates and I would be friends.)
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To: george76

No tourists/business travelers = no hotel occupancies = no tax revenues to the state = boarded up building


4 posted on 06/27/2009 5:43:51 PM PDT by Extremely Extreme Extremist ("President Obama, your agenda is not new, it's not change, and it's not hope" - Rush Limbaugh 02/28)
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To: MAD-AS-HELL

Lots of weeds ?


5 posted on 06/27/2009 5:44:40 PM PDT by george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)
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To: Extremely Extreme Extremist

No tourists/business travelers = no hotel occupancies = no tax revenues to the state = boarded up building
::::::::
The spend-crazy liberals never think that far ahead. They just keep spending — revenues are falling fast and they do not care. Like Obama, they have no concern about what their agenda destroys — including America.


6 posted on 06/27/2009 5:45:44 PM PDT by EagleUSA
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To: edcoil; Grampa Dave

Did they include a *free* paper ?


7 posted on 06/27/2009 5:46:14 PM PDT by george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)
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To: george76

Actually no. There was no smoking in the hotel either so all the smokers were outside around the hotel. They did have a 250.00/night smokers fee to clean the room after you left.


8 posted on 06/27/2009 5:47:53 PM PDT by edcoil (If I had 1 cent for every dollar the government saved, Bill Gates and I would be friends.)
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To: edcoil

Your story makes me want to sleep in my car by the side of the road instead.


9 posted on 06/27/2009 5:48:06 PM PDT by max americana
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To: Extremely Extreme Extremist
No tourists/business travelers = no hotel occupancies = no tax revenues to the state = boarded up building

What a mess. Don't be surprised if the State turns some of these properties into government housing. That's what they're doing in Boston.

10 posted on 06/27/2009 5:48:48 PM PDT by hugorand
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To: edcoil
I was in Seattle on my last trip

First mistake there. Never stay or eat in Seattle. It's liberalville, they'll soak you for everything.

I'm only a few miles away but it takes a special event to drag me down into Seattle proper.

And when I have to go I take the bus (from the Eastside). Usually cheaper than parking though it takes longer -- and I don't have to deal with the traffic.

11 posted on 06/27/2009 5:50:06 PM PDT by sionnsar (IranAzadi|5yst3m 0wn3d-it's N0t Y0ur5:SONY|Neda Agha-Soltan - murdered by illegitimate government)
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To: george76

They MAY have to start renting them buy the hour! LOL.


12 posted on 06/27/2009 5:51:20 PM PDT by 2harddrive (then)
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To: edcoil
"Whatever you tax more of you get less of it"..Ronald Reagan..

Liberals refuse to learn...insane morons and Sacramento state house is a lunatic asylum!

13 posted on 06/27/2009 5:51:59 PM PDT by tflabo (Truth or Tyranny)
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To: edcoil
"Whatever you tax more of you get less of it"..Ronald Reagan..

Liberals refuse to learn...insane morons and Sacramento state house is a lunatic asylum!

14 posted on 06/27/2009 5:52:05 PM PDT by tflabo (Truth or Tyranny)
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To: max americana
Your story makes me want to sleep in my car by the side of the road instead.

Don't stay in Seattle. Stay out in the suburbs. Less expensive, and the buses will take you in. Go north to Snohomish county (lynnwood etc.) and take the plush buses they run into downtown Seattle.

Sno county is more conservative than Seattle's county (King) anyway.

15 posted on 06/27/2009 5:53:11 PM PDT by sionnsar (IranAzadi|5yst3m 0wn3d-it's N0t Y0ur5:SONY|Neda Agha-Soltan - murdered by illegitimate government)
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To: george76
Non-franchised hotels account for a disproportionate number of foreclosures. They make up about 87% of the total. However, franchised otels [sic] make up 59% of the defaulted properties.

Ok, I'm confused.

Can someone straighten this one out for me?

16 posted on 06/27/2009 5:55:21 PM PDT by Doe Eyes
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To: sionnsar
Don't stay in Seattle.

Whaaaaaaa???? And miss the Man-Boy nude stone fountain on the Alaskan way? How culturally insensitive of you to suggest that! /sc

17 posted on 06/27/2009 5:57:13 PM PDT by tflabo (Truth or Tyranny)
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To: george76

Take a good look.

In a couple of years, we’ll all look like California. :)


18 posted on 06/27/2009 5:57:17 PM PDT by Tzimisce (No thanks. We have enough government already. - The Tick)
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To: MAD-AS-HELL

Now be nice to him. He has never shown a ‘buttcrack’.

He might have flown Air Force One a bit too low...

but he has never worn low pants.


19 posted on 06/27/2009 5:59:13 PM PDT by Pikachu_Dad
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To: sionnsar

“plush” buses? My GF is from Bellevue, WA and she’s never heard of it. Is that the bus which travels from Vancouver BC to Seattle?


20 posted on 06/27/2009 6:00:29 PM PDT by max americana
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To: george76

“Welcome to the Hotel California...”

SORRY WE’RE FORECLOSED!


21 posted on 06/27/2009 6:01:52 PM PDT by Secret Agent Man (I'd like to tell you, but then I'd have to kill you.)
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To: MAD-AS-HELL

“Are these the “green shoots” that the Buttcrack Administration and other brilliant economists are talking about?”

What the hell are green shoots, some kind of ebonics speak?


22 posted on 06/27/2009 6:03:45 PM PDT by dalereed
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To: george76

bookmark


23 posted on 06/27/2009 6:05:24 PM PDT by GOP Poet
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To: edcoil

Well ok, but when did the state of Washington give Seattle to California?


24 posted on 06/27/2009 6:05:39 PM PDT by HiTech RedNeck (In only 19 weeks, 0 has enabled us to agree with the Taliban [his empty speechifying] - Iron Munro)
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To: dalereed

“green shoots” is the phrase de jour of economists to indicate that economic growth is occuring. Like the green shoots of grass that grow out of the cow crap on the lawn. The thing is that obama spread the crap but never planted any seeds. There are no shoots..just a whole lotta crap!


25 posted on 06/27/2009 6:06:10 PM PDT by MAD-AS-HELL (Hope and Change. Rhetoric embraced by the Insane - Obama, The Chump in Charge)
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To: MAD-AS-HELL

“There are no shoots..just a whole lotta crap!”

Don’t forget the maggots!


26 posted on 06/27/2009 6:07:51 PM PDT by dalereed
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To: Doe Eyes

Default can be of two types: debt services default and technical default. Debt service default occurs when the borrower has not made a scheduled payment of interest or principal. Technical default happens when an affirmative or a negative covenant is violated.

http://en.wikipedia.org/wiki/Default_(finance)

Foreclosure by judicial sale, more commonly known as Judicial Foreclosure... involves the sale of the mortgaged property under the supervision of a court, with the proceeds going first to satisfy the mortgage

http://en.wikipedia.org/wiki/Foreclosure


27 posted on 06/27/2009 6:09:00 PM PDT by george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)
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To: HiTech RedNeck

Those idiots in Sacto can’t even cut 24 billion from the budget in crisis mode now. With rising unemployment and business downturns this will further decrease the amount of tax revenues to the state and the budget crisis will further turn into an out-of-control monster of their own creation! Maybe this is what’s needed for these tasbards to get a grip!


28 posted on 06/27/2009 6:11:08 PM PDT by tflabo (Truth or Tyranny)
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To: HiTech RedNeck

O, u know, government is selling everything these days.

Here they are contacting companies to buy naming rights to any and everything - everything is up for sale and everyone is being audited by the irs and state to get more money.


29 posted on 06/27/2009 6:13:42 PM PDT by edcoil (If I had 1 cent for every dollar the government saved, Bill Gates and I would be friends.)
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To: EagleUSA
The spend-crazy liberals never think that far ahead.

When people start getting their ginormous utility bills, they'll be stay-cationing right at home. A must take trip eventually, however, will be to the voting booth to vote the scum out of office who agreed to Cap and Trade.

30 posted on 06/27/2009 6:17:37 PM PDT by MamaDearest
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To: Secret Agent Man

Well if that’s the only way to shut down the hotel from hell, so be it.


31 posted on 06/27/2009 6:20:49 PM PDT by HiTech RedNeck (In only 19 weeks, 0 has enabled us to agree with the Taliban [his empty speechifying] - Iron Munro)
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To: tflabo
"Don't stay in Seattle."
Whaaaaaaa???? And miss the Man-Boy nude stone fountain on the Alaskan way?

Forgot about that. Like I said, I don't go into Seattle very often.

For good reason.

32 posted on 06/27/2009 6:21:24 PM PDT by sionnsar (IranAzadi|5yst3m 0wn3d-it's N0t Y0ur5:SONY|Neda Agha-Soltan - murdered by illegitimate government)
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To: max americana
“plush” buses? My GF is from Bellevue, WA and she’s never heard of it. Is that the bus which travels from Vancouver BC to Seattle?

Snohomish county runs some fairly (not greatly) plush buses into Seattle from various places in Snohomish county. MUCH more plush than King County's buses, and they've been running them at least from '93 on. But somebody in Bellevue is not likely to encounter them.

And BTW, Snohomish county is immediately north of King County (Seattle) -- Vancouver BC is an hour or more further north. Not commuting distance except for those who have way too much time to waste.

33 posted on 06/27/2009 6:26:00 PM PDT by sionnsar (IranAzadi|5yst3m 0wn3d-it's N0t Y0ur5:SONY|Neda Agha-Soltan - murdered by illegitimate government)
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To: george76

Thank you for your most information answer.


34 posted on 06/27/2009 6:45:17 PM PDT by Doe Eyes
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To: calcowgirl

California ping


35 posted on 06/27/2009 7:14:13 PM PDT by Clintonfatigued (The McCain/Palin ticket was like a Kangaroo, stronger on the bottom than at the top)
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To: sionnsar

I am booked in the Westin in Sept. $82 plus $18.51 tax.


36 posted on 06/27/2009 7:21:00 PM PDT by razorback-bert (We used to call them astronomical numbers. Now we should call them economical numbers.)
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To: tflabo

Where is it and how have I missed it?


37 posted on 06/27/2009 7:23:33 PM PDT by razorback-bert (We used to call them astronomical numbers. Now we should call them economical numbers.)
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To: george76

Not only is it hotels, but Friday the FDIC closed down five banks. One was liquidated. Two were in California, two in Georgia, and one in New Mexico.


38 posted on 06/27/2009 7:29:07 PM PDT by AceMineral (Offically unapproved of since 1973)
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To: razorback-bert

If somebody can find it, it is a must to post the Google van picture.


39 posted on 06/27/2009 7:33:05 PM PDT by HiTech RedNeck (In only 19 weeks, 0 has enabled us to agree with the Taliban [his empty speechifying] - Iron Munro)
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To: george76

This is a simple fix. Just raise the hotel occupancy tax by 10% to create a special fund for distressed properties.
/s


40 posted on 06/27/2009 7:45:08 PM PDT by Joan Kerrey
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To: george76

Bookmark.


41 posted on 06/27/2009 8:21:38 PM PDT by Reaganesque
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To: george76

Looks like within 2 years, Kalifornia will be the perfect setting for a remake of Mad Max. Ah-nold can play one of the bald mutants.


42 posted on 06/27/2009 8:25:38 PM PDT by uncommonsense (liberals see what they believe and conservatives believe what they see)
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To: razorback-bert

Not bad prices for a Westin!


43 posted on 06/27/2009 8:41:42 PM PDT by sionnsar (IranAzadi|5yst3m 0wn3d-it's N0t Y0ur5:SONY|Neda Agha-Soltan - murdered by illegitimate government)
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To: edcoil
25% travel tax, 22% room/rack tax what did you expect?

The question as to whether man is intrinsically "good" has been debated for millenia. If actions speak louder than words the answer, for me, is crystal clear. Given the opportunity, power corrupts, and absolute power corrupts absolutely. Couple this fact with the current concept of "democracy" and "egalitarianism," and the results are nor surprising.

Critical professions, such as surgeons, airline pilots, engineers, architects even plumbers are expected to have a minimum level of knowledge, experience and competence, and must all pass tests to confirm the requirements of each profession. Remarkably, legislators are not among them, at any level, and the results speak for themselves. Greed, incompetence, self-service, duplicity and perversions are only a few of the common traits. Intelligence and common sense is not. Why should that continue? Can it possibly continue before the entire society fails?

The power to tax is the power to destroy. That is not a new realization. Economic and social destruction is continuing apace, and the criminals most responsible have elevated themselves to a level of immunity not enjoyed by the "commoners." Taxes are everywhere, obvious ones, hidden ones, many with misleading names, many adopted with dishonesty so blatant that it would demand long prison terms in any other venue. Taxing the helpless and the unrepresented creates the most numerous victims with no recourse whatsoever, short of not playing the game.

I grew up in San Francisco, and spent most of my life within a 40 minute drive of it. Except for the last ten years, when I changed residences to one 100 miles away. The first few years we enjoyed looking forward to spending a few days in SF twice or three times a year. Guess what the hotel tax and outrageous parking fees accomplished? No more regular trips. It is now once a year for the day. No more hotels, no more parking lots.
Hotels are closing? Big surprise.

The only solution I see is to establish requirements for become a legislator, from basic math to history, philosophy, economics, high school chemistry and physics, the English Language and familiarity with the national and state constitutions.

The "right" to vote may have been perverted to the point where the feebleminded are "entitled," but as far as I can tell there is no similar right to serve as legislator at any level and, if a plumber, who can't destroy me economically, must pass muster, why shouldn't a legislator, who has infinitely greater power to steal, to ruin, to destroy? It doesn't really matter if it is the result of criminality, stupidity or deliberate intent, the damage is every bit as real.

The time to institute minimum competence requirements for legislators is now! Anyone up for a new Initiative in California?

Two thirds of the legislature would need to find real jobs.

44 posted on 06/27/2009 9:45:18 PM PDT by Publius6961 (Change is not a plan; Hope is not a strategy.)
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To: MAD-AS-HELL
Not all hotels are having trouble. Some have found a niche market to hold their own in down market.

Check this out...

Spa Resort with more...and nothing at all

Clothing optional has become a marketing trend in upscale resorts popping up across America . For a growing number of resort goers, the option of checking their clothes at the door has become an attractive way to relax and retreat.

Nestled in the hills of a California desert community and overlooking the Coachella Valley and Palm Springs is Living Waters Spa that has served the clothing optional market for over six years.

By giving its guests the option to stay nude, it is thriving while other area hotels have been pounded by financially challenging times.

Clothing Optional Resorts

45 posted on 06/27/2009 10:14:22 PM PDT by gogov
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To: george76

Nevermind old Tom Joad.

This time around it’s Tom Patel taking the beatings.


46 posted on 06/27/2009 10:16:29 PM PDT by Petronski (In Germany they came first for the Communists, And I didn't speak up because I wasn't a Communist...)
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To: gogov

In my experience that sort of resort gives the very best service.


47 posted on 06/27/2009 10:24:18 PM PDT by Lurker (The avalanche has begun. The pebbles no longer have a vote.)
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To: gogov

the free soap on a rope also helps..


48 posted on 06/27/2009 10:26:27 PM PDT by MAD-AS-HELL (Hope and Change. Rhetoric embraced by the Insane - Obama, The Chump in Charge)
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To: Lurker

I’m a bit too modest for a hotel like that, even if the service is good.


49 posted on 06/27/2009 10:30:32 PM PDT by gogov
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To: Extremely Extreme Extremist

No car rentals
No restaurant meals
No taxi rides
No sundry sales
No airport services
No golf course green fees
No business traveler shopping

Liberals want the former USSR, they crave it, in fact...as they are immune from the day to day poverty and despair we will all face.


50 posted on 06/27/2009 11:01:10 PM PDT by wac3rd (80 Carter/Obama 08)
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