The inventory of foreclosed hotels in San Diego grew by 183% in the first quarter of this year over last year. Statewide, California hotel foreclosures were up 87%. Only San Bernardino County had more hotel foreclosures than San Diego.
The rising statistics are only the tip of the iceberg. The numbers are based on rising defaults and actual foreclosures. Numerous well known hotels have recently sold in San Diego and appear only as sales and not as distressed properties. If they were sold before going into default, they are left out of the statistics. Examples of recent hotel sales in San Diego, include the Hotel Del Coronado, The Manchester Grand Hyatt Hotel, The Westin Gaslamp Quarter Hotel and the Hilton San Diego Bay Hotel.
Hotel foreclosures in San Diego are expected to increase throughout the remainder of 2011.
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