Two East Bay Hotels Facing Foreclosure
Thursday, January 29th, 2009ContraCostaTimes.com is reporting that Foreclosures loom over East Bay hotels.
Two East Bay hotels that boast prominent locations are facing foreclosures on mortgages for the properties, making the operations some of the newest casualties of a widening economic debacle.
The Sheraton Pleasanton Hotel, in the Tri-Valley area, relies heavily on conferences for its source of revenue. As businesses have scaled back travel and conference, this hurts the hotel industry.
The plight of hotels may further decline as jobs are lost and families decide to tone down their vacation plans. This will further dampen the hotel industry.
