5 Things to Know: Atlas Survey Shows California Hotel Transactions Down
Atlas survey shows California hotel transactions down: Through the first six months of 2018, California’s hotel market saw a 35% decline in the number of hotels sold, according to Atlas Hospitality Group’s mid-year California hotel sales survey.
The survey reports there were 134 single-asset sales in the first half of 2018, versus 206 during the same period in 2017. The number of sales was the lowest it’s been in 10 years, the survey points out. The total dollar volume also dropped (-28%) despite an increase (+11%) in median price per room.
“Only two major California submarkets saw an increase in the number of sales: Sacramento and San Francisco counties. Sonoma County showed the largest decline, with no hotel sales through the first half of the year,” the survey states.