Sales activity for the hotel markets in California imploded in the first half of this year at a pace that seems even worse than the collapse experienced during the Great Recession of 2008 and 2009.
The number of hotels sold in California dropped during H1 2023 by 52.9% compared with the first half of 2022, according to a new survey from Atlas Hospitality Group, the Irvine-based firm that has been tracking statewide lodging for more than 20 years, according to a report in SiliconValley.com.
The nadir in 2009 for hotel sales in the Golden State was a plunge of 51%. "We've have seen nothing like this, nothing this bad," Allan Reay, president of Atlas, told SiliconValley.
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