Northern California's weak economy is affecting everyone but, according to a recent report in the Contra Costa Times a case can be made that the hotel industry is feeling even more pain than the rest of us. The paper reports that over $1 billion worth of Bay Area hotel properties are now in default - about 12 times the value of the hotel properties in default just one year ago.
Contra Costa County loan modifications and other measures companies can take to avoid California foreclosure do not always work. The paper notes that in this distressed economy, "fewer people are traveling for business or pleasure, or finding ways to reduce their expenses when they do travel. Cutting back on hotel stays is one way to cope with a downbeat economy."
With at least 82 Bay Area hotels currently behind two months or more on their mortgages, according to the Contra Costa Times, this is a time when the advice an experienced San Francisco bankruptcy lawyer can offer becomes more important than ever. A full-service Bay Area bankruptcy attorney can offer advice on a wide range of issues, including California foreclosure and foreclosure prevention, negotiations with creditors and loan modification programs.
As the Contra Costa Times indicates, the reasons for the decline in traffic at any particular hotel vary from one property to another. Hotels close to the Oakland Airport, for example, have suffered from a 17 percent drop off in passenger traffic there compared to 2008. An experienced Oakland and Alameda County foreclosure attorney can help make a clear-eyed assessment of your situation, a key first step in getting out from under the debts that trouble you.
Contra Costa Times: Bay Area Hotel Problems Mount
