This article relates the spate of foreclosures of hotels here in California, a harbinger of the weak real estate and travel markets here. Worth a look over.
Low occupancy, high turnover, poor training, skimping on service delivery, maintenance issues combined activate the foreclosure market. The Marriott Hotel Downtown Los Angeles may be in trouble, but new investment reflects investor confidence.
On the heels of the recently signed U.S. Travel Promotion Act (TPA) signed by President Obama on March 5th, we can expect more reports like this one. In a way it is a positive effort to attract new investments in hospitality anticipating the very positive economic impact that the TPA will have in attracting global travel and increased revenues to Los Angeles, the Golden State and many destinations across the US.