OC METRO CALENDAR

  • December 2014
    SuMoTuWeThFrSa
    30123456
    78910111213
    14151617181920
    21222324252627
    28293031123
    45678910
Add an event

HOSPITALITY
Untitled Page

Orange County hotels face financial trouble

15 local properties are in default, one is real estate owned.

By Kristen SchottPublished: October 07, 2009 08:50 AM

Photo courtesy of Fotolia
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.

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.

NEXT PAGE >>

Related headlines
OC METRO, September issue: 'Bareboat cruising in the British Virgin Islands'
'OC METRO Minute,' Oct. 7: Historic Corona del Mar property for sale
Irvine homes in demand on Realtor.com