California Hotel Foreclosures Climb as Unemployment Cuts Travel

Hotel foreclosures in California climbed 27 percent in the first quarter from a year earlier as unemployment cut business travel.

Foreclosures, including the 469-room Los Angeles Marriott Downtown, rose to 79 properties from 62 in the first three months of 2009. Defaults increased 6.5 percent to 327, Irvine, California-based Atlas Hospitality Group said in a statement. The company specializes in selling hotels. (more)