Hotel foreclosures in California more than doubled last year to 138 properties, according to a quarterly survey report by Atlas Hospitality Group in Irvine, Calif., which also found that more than 465 hotels are either in default or have been foreclosed on.
According to the survey, San Bernardino County led the state in the number of foreclosed hotels at 17, closely followed by San Diego County with 16 and Riverside County with 14. Independent hotels accounted for 71 percent of the foreclosures.
The largest hotel in the state to be foreclosed on in 2010 was the 512-room Holiday Inn San Jose.
The report predicts that the number of hotels in default or foreclosure will continue to rise during the first of half of this year as more loans come due, but that the situation will improve during the latter half of the year as the economy strengthens.
