Daily Outrage: More than 300 state resorts in foreclosure or default 

WHAT: More California hotels are being pushed into foreclosure as tourists and businesses scale back their travel plans and owners are unable to pay their mortgages. Statewide, more than 300 hotels were in foreclosure or default on their loans as of Sept. 30 — a nearly fivefold increase since the start of the year, according to an industry report.

WHICH: Troubled properties include the downtown Los Angeles Marriott, the Sheraton Universal and the W hotel in San Diego, and the St. Regis Monarch Beach in Orange County.

WHAT’S NEXT: Most struggling hotels remain open, but industry experts say many properties are likely to be closed in the months ahead — even if they are not in foreclosure — because they are losing so much money. For example, the owners of the Quail Lodge Resort and Golf Club in Carmel plan to close the doors Nov. 16.

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Staff Report

Staff Report

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A daily newspaper covering San Francisco, San Mateo County and serving Alameda, Marin and Santa Clara counties.
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