clock menu more-arrow no yes

Filed under:

And Now Hotels Are Eating It Too

New, 2 comments

Unlike home loans, the loans on big hotels typically have to be repaid in full after five to 10 years, and that number's fast approaching for lots of big hotels in California, at the very time people are basically staycationing their way out of the recession. As of the end of last month, more than 300 hotels were in foreclosure or default on their loans, says the L.A. Times, a fivefold increase from the beginning of 2009. And number crunchers say it's only going to get worse going into 2010. [LAT]