Bay Area hotel development slows in face of rough market
Hotel enhancement has slowed in both the Bay Area and throughout California according to a statement distributed by Atlas Hospitality Group which tracks the California lodging sphere An estimated hotel rooms were under construction in the Bay Area during the first half of which represented a plunge of from the hotel rooms that were being built in the first half of the summary shows Signia by Hilton San Jose hotel at South Sector Street in downtown San Jose as pictured on June George Avalos Bay Area News Group The region s lodging advancement nosedive was worse than the construction decline in California overall and in Southern California the Atlas Hospitality record indicated An estimated hotel rooms were under construction during the first six months of in California down from the rooms that were being built statewide over the first half of according to Atlas Hospitality In Southern California hotel rooms were being built in the first half of which was down from the lodging units that were under construction in the first half of Here is how hotel room construction looks so far in on a county-by-county basis compared with the first half of according to the Atlas Hospitality description Santa Clara County hotel rooms under construction an drop from the rooms being built during the similar period the year before Alameda County hotel rooms being built down San Francisco hotel rooms being built down from the year before San Mateo County hotel rooms under construction unchanged from the number the year before Contra Costa County Marin County and Solano County had zero hotel rooms under construction Napa County was the only county in the Bay Area with an increase in the number of hotel rooms under construction Atlas Hospitality estimated hotel rooms were being built in the first half of up from the year before Widening woes have engulfed the Bay Area lodging sector The -room Oakland Marriott City Center in downtown Oakland was seized through a foreclosure on July that placed a million value on a lodging tower that in was bought for million On May the -room Signia by Hilton a downtown San Jose lodging tower that is the South Bay city s largest hotel was seized through a foreclosure that valued it at million well below the foreclosed loan s million total The -room Courtyard Oakland Downtown was bought in October for million a nosedive of from its prior value In August the Hilton Oakland Airport Hotel abruptly closed its doors a shutdown that eliminated jobs The -room Waterfront Hotel in Jack London Square shut down without warning in late January The -room Radisson Oakland received an appraisal of million in October according to Morningstar That was a plunge from the hotel s prior value A -room dual-branded hotel at Jefferson St in downtown Oakland was taken back by its lender through a streamlined foreclosure process The -room Hyatt House Pleasant Hill was foreclosed on June The -room Hyatt House Pleasanton was seized through a foreclosure in May A -room Hyatt Place Newark Silicon Valley is in default on its loan and could be taken by its lender through a foreclosure according to documents filed in June The problems in the hotel arena are not going to end any time soon Alan Reay president of Atlas Hospitality Group mentioned in a fresh interview with this news organization
