106 Bay Area hotels in default

By editor | Published: April 27, 2010

More than 100 hotels in the Bay Area are now suffering from problem mortgages, according to a new report that sketches ongoing woes for the lodging industry.

During the first quarter of 2010, an estimated 106 Bay Area hotels were either in foreclosure or default on their mortgages in the first quarter, Atlas Hospitality Group reported.

That was up 10.4 percent from the 96 hotels in the nine-county region that struggled with mortgage delinquencies in the 2009 fourth quarter, the October-December period.

“This problem is definitely going to continue,” said Alan Reay, president of Atlas Hospitality. “We are still seeing declines in room revenue. That is having a major impact on the ability of hotel owners to pay off their mortgages.”  Click here for full article from Silicon Valley Mercury News…

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