California Hotel Foreclosures Triple in Travel Slump | bloomberg.com

Hotel foreclosures in California more than tripled in the first nine months of this year as business travelers and vacationers cut spending. Foreclosures including the 400-room St. Regis Monarch Beach resort in Dana Point climbed to 47 in January through September from 15 a year earlier. Properties in default more than quadrupled to 259, Irvine, California-based Atlas Hospitality Group said in a statement. Atlas specializes in selling hotels.