Peter Pays Paul

Inside commercial hard money lending.

3 Feb

Casa Madrona Hotel sold at auction – San Francisco Business Times:

Category: Commercial Real Estate, Distressed Property, Real Estate Investing

The hotel industry is undergoing major stress. With incomes down and unemployment up, families are vacationing less. Fewer vacations means lower hotel revenues.

Many hotels were bought or sold during the height of the commercial real estate market. Take for instance the Casa Madrona Hotel in Sausalito, CA, which sold in 2005 for an estimated $20 million.

The San Francisco Business Times is reporting:

Sausalito’s Casa Madrona was sold at auction today for a reported $11.4 million — the estimated opening bid.

The article also mentions that this one hotel supplies almost half of Sausalito’s hotel tax revenue. It is no wonder why so many city and county municipalities are in trouble.

Tags: Bay Area, California, Commercial Real Estate, Distressed Property


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Posted Wednesday, February 3rd, 2010 at 6:08 pm
Filed Under Category: Commercial Real Estate, Distressed Property, Real Estate Investing
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