Kimberly Pierceall
The Press-Enterprise
February 2nd, 2010
There were far fewer hotels sold in California last year for much lower prices, according to the latest annual report from hotel brokerage firm Atlas Hospitality Group.
Hotel shoppers spent just $524.9 million to buy 92 hotels in California last year, according to the report. It was a 75 percent drop in spending compared to 2008 when 187 hotels were sold for $2.13 billion.
San Bernardino County was the only region in Southern and Northern California where more hotels were sold last year, 11 hotels versus 8 in 2008. The amount paid for those hotels dropped 3 percent to $24.4 million.
The priciest hotel sold in the Inland region was the 292-room Marriott in downtown Riverside for $19.3 million, a bargain for Pinnacle Hotels USA in San Diego which bought it from Sunstone Hotel Investors last June. At the time Barry Lall, president and CEO of Pinnacle, said he preferred, “buying low and selling high.”
In Riverside County, seven hotels were sold last year for $34.5 million versus 18 in 2008 for $73.8 million.
Los Angeles County had the steepest drop in hotel sales. Just four were bought last year, 89.7 percent fewer, for $41.1 million versus 39 sold in 2008 for $1.08 billion.
Mission Plaza Hotel & Suites Sold IRVINE, Calif., September 1 / -- Atlas Hospitality Group announced the sale of the lender-owned Mission Plaza Hotel & Suites near SeaWorld in San Diego, California. Atlas Senior Vice Presidents Tim L. Edgar and Sachin J. Shah represented both the seller, an affiliate of Miami-based special servicer LNR Partners, Inc., and the buyer, an affiliate of Reven Capital and Jet Stream Hotels & Resorts.
Mission Plaza Hotel in San Diego Has New Owners Mission Plaza Hotel & Suites in San Diego, which was foreclosed on earlier this year by its lender, has been sold to an affiliate of La Jolla-based Reven Capital and Jet Stream Hotels & Resorts.
Mission Plaza Hotel Sold The San Diego Mission Plaza Hotel & Suites, which fell into foreclosure earlier this year, has been purchased by a San Diego investment group that has been looking to start acquiring hotel properties.
Hotel Sales Show Investors Lose Some, Win Some IRVINE, CA-Prime Hospitality LLC has acquired the 299-room Marriott Ontario Airport hotel in a sale that was brokered by locally based Atlas Hospitality Group on behalf of the hotel's receiver―and a deal that reflects how some of the same owners and investors who are losing their properties in defaults and foreclosures these days are buying other properties. For example, the owner who lost the Ontario Marriott was San Clemente-based Sunstone Hotel Investors, a REIT that is now buying other properties.
Park Hyatt Aviara in Danger of Going into Default In yet another sign of the troubled luxury hotel market, owners of the Park Hyatt Aviara resort in Carlsbad are close to defaulting on their $186 million loan, which has been moved into special servicing.
Hotel Deals Generate 615% More Revenue Hotels have become hot properties in Orange County and across the state, with deals and sales dollars up significantly, Irvine-based Atlas Hospitality Group reported this week.
Hotel Sales Zoom, $580M Deal May Be in Works IRVINE, CA-The number of hotel sales in California rose by 57% to and dollar volume climbed 155% to more than $631 million in the first half of this year, according to a new report from Irvine-based Atlas Hospitality Group. Alan Reay, founder and president of Atlas, tells GlobeSt.com that the spike in hotel sales was expected but that the first-half numbers for 2010 could be eclipsed if the 1,651-room Manchester Hyatt in San Diego is sold.
California Hotel Sales Skyrocket in First Half The volume and dollar value of hotel sales in California increased dramatically in the first half of this year, according to a report by Irvine-based hotel broker Atlas Hospitality Group.
Marriott Ontario Airport Sold IRVINE, Calif., Aug. 18 / -- Atlas Hospitality Group President Alan X. Reay is pleased to announce that Atlas has sold the Marriott Ontario Airport in Ontario, California. Prime Hospitality LLC purchased the hotel.
Hotel Sales Up in California California hotel sales jumped 59% in the first six months of the year, according to a recent analysis published by Atlas Hospitality Group, a hotel brokerage. Large transactions, which Atlas defines as $5 million or more, grew 16.7% in individual sales and 229% in dollar volume in the first half of the year.
