Posted on 06/27/2009 5:38:17 PM PDT by george76
The number of California hotels in default or foreclosed on jumped 125% in the last 60 days. The state now has 31 hotels that have been foreclosed on and 175 in default...
With 19.6% of the total, San Bernardino County leads the state in foreclosed hotels. Riverside County follows with 16.1% and San Diego County has 12.9%. Los Angeles County, with 12% of the total, has the most hotels in default. San Bernardino County is next with 9.7% and San Diego County follows with 8.0%.
Non-franchised hotels account for a disproportionate number of foreclosures. They make up about 87% of the total. However, franchised otels [sic] make up 59% of the defaulted properties.
(Excerpt) Read more at atlashospitality.com ...
“Welcome to the Hotel California...”
SORRY WE’RE FORECLOSED!
“Are these the “green shoots” that the Buttcrack Administration and other brilliant economists are talking about?”
What the hell are green shoots, some kind of ebonics speak?
bookmark
Well ok, but when did the state of Washington give Seattle to California?
“green shoots” is the phrase de jour of economists to indicate that economic growth is occuring. Like the green shoots of grass that grow out of the cow crap on the lawn. The thing is that obama spread the crap but never planted any seeds. There are no shoots..just a whole lotta crap!
“There are no shoots..just a whole lotta crap!”
Don’t forget the maggots!
Default can be of two types: debt services default and technical default. Debt service default occurs when the borrower has not made a scheduled payment of interest or principal. Technical default happens when an affirmative or a negative covenant is violated.
http://en.wikipedia.org/wiki/Default_(finance)
Foreclosure by judicial sale, more commonly known as Judicial Foreclosure... involves the sale of the mortgaged property under the supervision of a court, with the proceeds going first to satisfy the mortgage
http://en.wikipedia.org/wiki/Foreclosure
Those idiots in Sacto can’t even cut 24 billion from the budget in crisis mode now. With rising unemployment and business downturns this will further decrease the amount of tax revenues to the state and the budget crisis will further turn into an out-of-control monster of their own creation! Maybe this is what’s needed for these tasbards to get a grip!
O, u know, government is selling everything these days.
Here they are contacting companies to buy naming rights to any and everything - everything is up for sale and everyone is being audited by the irs and state to get more money.
When people start getting their ginormous utility bills, they'll be stay-cationing right at home. A must take trip eventually, however, will be to the voting booth to vote the scum out of office who agreed to Cap and Trade.
Well if that’s the only way to shut down the hotel from hell, so be it.
Forgot about that. Like I said, I don't go into Seattle very often.
For good reason.
Snohomish county runs some fairly (not greatly) plush buses into Seattle from various places in Snohomish county. MUCH more plush than King County's buses, and they've been running them at least from '93 on. But somebody in Bellevue is not likely to encounter them.
And BTW, Snohomish county is immediately north of King County (Seattle) -- Vancouver BC is an hour or more further north. Not commuting distance except for those who have way too much time to waste.
Thank you for your most information answer.
California ping
I am booked in the Westin in Sept. $82 plus $18.51 tax.
Where is it and how have I missed it?
Not only is it hotels, but Friday the FDIC closed down five banks. One was liquidated. Two were in California, two in Georgia, and one in New Mexico.
If somebody can find it, it is a must to post the Google van picture.
This is a simple fix. Just raise the hotel occupancy tax by 10% to create a special fund for distressed properties.
/s
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