The market for Bay Area hotel purchases slumped during the first half of 2022 compared to the same period the year before amid inflation woes and fast-rising interest rates.
The Bay Area market for hotel purchases slumped during the first half of 2022 compared to the same period the year before amid inflation woes and fast-rising interest rates.
That was down 66.8% from the $1.99 billion in hotel purchases during the first six months of 2021, the Atlas Hospitality research showed. The challenges have arisen despite the easing of COVID pandemic restrictions and a corresponding increase in the number of people traveling. But the hotel market is not alone — rising interest rates and inflation have also plagued the state’s housing and office markets, as well, causing some would-be buyers to reconsider.During the first six months of 2022, California hotel purchases generated $3.45 billion in transactions, which was a slide of 33.6% from the record $5.
“A lot of owners are just holding on to their hotel properties and waiting to see when there are changes in the market,” Reay said.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Air Quality Advisory extended through Sunday in Bay Area due to wildfiresSmoke from wildfires in California, Oregon and Washington are expected to continue to impact the San Francisco Bay Area tomorrow. While isolated pockets of elevated pollution levels are possible, a Spare the Air Alert is not in effect and pollution levels are not expected to exceed the national 24-hour standard.
Read more »
Bay Area widower of 9/11 Flight 93 passenger reveals difficult healing process in new bookGrandcolas hopes his book, which details his difficult journey, will help others deal with a sudden loss, such as those who have lost a loved one to COVID. He hopes it will also help others to deal with a generation lost because of an unexpected death.
Read more »
Bay Area high school football: Where to find our complete Week 3 coverageWeekend highlights include wins by Serra, De La Salle, Pittsburg and dramatic comebacks by Campolindo, Acalanes.
Read more »
Dhante Jackson, accused of killing 8-year-old girl in Merced, arrested in Bay AreaAfter a months-long manhunt, Dhante Jackson has been arrested on suspicion of killing 8-year-old Sophia Mason of Hayward in Merced earlier this year, police said.
Read more »
Bay Area beheading victim's family speaks out: 'Feel responsible'Karina Castro, 27, leaves behind two young daughters.
Read more »