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Industry News
Hotel Industry NewsForeign investors eye San Francisco hotelsSan Francisco's famed Sir Francis Drake Hotel is up for sale, and if recent trends in San Francisco and Los Angeles persist, there is some likelihood it will be bought by an investor from Asia.Hotel real estate experts say that foreign investors - many from mainland China - have been eyeing hotels in California and the Bay Area for months now.The state's travel industry continues to be battered by the recession, and some hotel owners are in danger of defaulting on their loans. Others are in good standing, but have decided that it's time to offload debts that will soon come due. Just last week, three San Francisco boutique hotels were the subject of foreclosure.In March, the Chinese real estate development company Shenzhen New World Group Co. purchased the Los Angeles Marriott Downtown out of foreclosure at a big discount. While the price was not publicly disclosed, Shenzhen reportedly paid $60 million.
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