California Hotel Foreclosures More Than Double in 2010
From Los Angeles Times:
Number of Properties in Default and Foreclosure Will Continue to Rise
The number of California hotels in foreclosure more than doubled in 2010 to 138 properties, according to a new real estate report. The quarterly survey by Atlas Hospitality Group in Irvine blames the increase from 62 foreclosures in 2009 on the effects of the recession on hotel owners who took out expansion and renovation loans during better economic times. Click here for the full story.
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