Hotel Foreclosures in California Rose 91%

According to the Atlas Hospitality Group, California hotel foreclosures have increased 91% in the second quarter. The jump is certainly a sign that the industry may be recovering, as lenders reacquire properties and make use of the higher sales prices.

Alan Reay of Atlas said the acquired hotels have been “in trouble for a long time, and lenders were delaying taking any action.”

The most significant foreclosure during that time was the Hilton Sacramento Arden West.

Meanwhile, Norman Feldstein, an economist from Harvard, believes there’s a “50% chance that we could slide into a new recession. Nothing has given us much growth.”

Robert Hall, another economist, agrees, stating that the slowdown will likely result in “an adverse shock that would cause a recession.”

The GDP has grown by only 1.3% in the second quarter, while the first quarter saw a mere 0.4% increase.

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