California Hotel Foreclosures Jump 91% as Lenders Seek to Sell
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Hotel foreclosures in California jumped 91 percent in the second quarter as lenders repossessed properties to sell them amid a recovery in property prices, Atlas Hospitality Group said today.
The number of foreclosed hotels climbed to 191 in the three months ended June 30 from 100 a year earlier, according to the Irvine, California-based brokerage. Seizures also rose from the first quarter, when lenders took over 148 California hotels. The state’s biggest hotel foreclosure in the second quarter was the 331-room Hilton Sacramento Arden West, Atlas said.