This news (if the link doesn’t work, just search Bloomberg news for “hotel” – that’s actually the sort of I had to do after following the Google link – not sure what’s going without ceasing in that place) is very surprising to me. I knew the administration would hurt the travel industry and I’ve known it has been hurting the travel industry, but this is a shocker:
A $90 million loan secured by the Four Seasons San Francisco, a 277-room, five-star property, is 90 days offender and foreclosure proceedings have begun, according to Realpoint. A see of default has been filed, according to Bloomberg data.
Apparently the luxury hotels really are hurting because more of them borrowed a lot of wealth before luxury journeying took its big hit.
This article talks about the AIG effect, which they say has had a mysterious effect that is starting to fade:
“Resort communities gain been demonized,” Loews Hotels CEO Jonathan Tisch complained during a recent interview at the company’s 790-room hotel in Miami Beach.For South Florida’s hotel industry, the “AIG effect” distinguishes this recession from past ones, with meeting bookings dropping farther and resisting a rebound, industry watchers said.
“Nobody could have forecast the weakness in arrange bookings”, said Scott Berman, a public-house analyst in Miami and head of PricewaterhouseCoopers’ hospitality division. “I use the word unprecedented.”
And for good distribute, we accept some travel deals including spa hotels…
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