A new study out from Irvine-based Atlas Hospitality Group shows that hotels in Orange County and the state are up against serious financial troubles.
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Fifteen properties in the region were in default in September – that compares to one in January of this year. Orange County also had 1,823 rooms in default – up from about 240 in January.
One hotel in Orange County is currently real estate owned – the 400-room St. Regis Monarch Beach Resort. It's the largest in the state to be foreclosed on, according to the report.
The county is among those statewide that have seen a rise in defaults and foreclosures – the number increased "dramatically" in the third quarter. Forty-seven properties were foreclosed on, jumping 213 percent from January. Properties in default rose to 260, which is a startling 391 percent uptick.
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