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Posted On: January 6, 2010 by Scott Sagaria

Travel Slump Effecting Hotel Businesses

Sacramento Bankruptcy Lawyer comments on travel slump...

In my Sacramento Bankruptcy Law office I read a news source report that California hotels are increasingly facing default or already in foreclosure. The travel slump which has also negatively impacted several airlines, along with declining real estate values, have forced many hotels into foreclosure. New sources report that figures released by the Atlas Hospitality Group indicate that hotels in foreclosure rose 313% from 15 locations in 2008 to 62 locations in 2009; and the number of hotels who have defaulted on their loans rose 479% from 53 locations in 2008 to 307 locations in 2009. The group further indicates that more than half of the foreclosed hotels have filed for bankruptcy protection. This news does not bear well for the commercial real estate market which is expected to have a significant impact on the number of bankruptcies filed in 2010.

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