California Hotel Foreclosures Triple in Travel Slump
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. The survey didn’t include states other than California.