California Sets Records in Dollar Transaction Volumes
California sets records in dollar transaction volumes: The “2015 Mid-year California hotel sales survey” from Atlas Hospitality Group has revealed that hotels are shining in the Golden State, with the total dollar amount of hotel sales in its first six months of this year being greater than any annual total (except for 2006) in the history of California hotel sales. Northern California increased 83% in total dollar volume, and Southern California was up 51%.
The dollar sales volume for the first six months equaled $4.4 billion, a 64% increase compared with the same period in 2014, with the median sales price-per-room increased by 25%. In addition, 13 $100-million-plus sales occurred in the period, versus four for the same period in 2014, although the number of individual hotel sales actually declined 7%.