Washington Hotels Hold Their Own as Industry Lags
The hotel industry expects another difficult year as loans come due and occupancy rates drop, but the Washington area is expected to bear up somewhat better than other parts of the country. At a meeting of hotel investors in Washington yesterday, industry researchers said they expect to see more hotels here and across the country defaulting on loans, going into foreclosure and seeking to restructure their debt. A newly released industry report did not name Washington-area hotels or any others potentially in distress. However, hotels that are about to open are considered vulnerable because they may have taken on more debt than they can support now with lower room receipts.