Hotel Foreclosures Triple Across State

By Staff (Oct 16, 2009 )

Silicon Valley continued to be battered by a wave of foreclosures in September. Some 2,000 residents received notice that they were late on their mortgage payments and banks foreclosed on 415 homes. But private residences aren’t the only victims of the state's foreclosure crisis.

A report just issued by the Atlas Hospitality Group showed that hotel foreclosures have more than tripled, from 15 in all of 2008 to 47 by the end of September, 2009. While most of these foreclosures occurred in Southern California, the Bay Area has not been immune. Last month, AEW Fremont LLC, the owners of the Fremont Marriott Silicon Valley, defaulted on a $38 million loan, putting that hotel in jeopardy.
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