This Wall Street Journal Video reports that even luxury hotels are in trouble. 32 hotels have been foreclosed in California, with another 218 in distress. Even the famous St. Regis in California has closed down.
With a number of loans coming due for repayment, occupancy rates having fallen from 80% to 40%, and hotel property valuations down by as much as 40%, there seems to be little hope of a good solution to their financial problems, and ultimately, the banking losses problems.
With a number of loans coming due for repayment, occupancy rates having fallen from 80% to 40%, and hotel property valuations down by as much as 40%, there seems to be little hope of a good solution to their financial problems, and ultimately, the banking losses problems.
Best wishes,
Ooi
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