TOURISM: Values Have Declined 50% to 80% in Last 3 Years, Broker Says
The number of California hotels that are in default on their loans or have gone into foreclosure has jumped a whopping 125 percent in the past 60 days.
There were 32 properties in foreclosure and 174 in default, according to a June 28 report by Atlas Hospitality Group, a regional brokerage based in Irvine.
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