Thursday, January 29, 2009

Recession Follies: Hotel Foreclosures

By Chris Thompson
Thu, Jan 29, 2009 at 7:43 AM

The Trib's excellent business reporter George Avalos writes that two of the East Bay's biggest hotels, the Sheraton Pleasanton Hotel and the Coliseum Suites, are going bust. The owners of the properties have fallen into default on their respective ten-plus million-dollar mortgages, and their creditors are now seeking to seize the properties in court. The story focuses mostly on the Sheraton Pleasanton, which has been seriously hit by the recession; local businesses, from Chevron to Safeway, have drastically cut their travel and conference budgets, which provided the mainstay of the Sheraton's customers. Meanwhile, the Coliseum Suites are fenced off, and vandals have been sneaking in and tearing the place apart. But hey, at least we have professional cops to take care of that sort of thing, right? Oh, wait...

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