LOS ANGELES Last year went into the books as another routinely busy one for California hotel transactions, but one that was not nearly as bountiful as this state s property-sellers and their brokers might have normally anticipated.
As Atlas Hospitality Group President Alan Reay told an overflow crowd today at the Meet The Money 2001 hotel investment conference here May 3, the year 2000 saw roughly the same number of California hotels change hands as in 1999 but total dollar volume for the past year s sales was only a third of that in 1999.
Looking ahead through the end of the year, Reay predicted: the sales pace for California hotels priced over the $5-million mark will continue to slacken; increased buyer demand will spur sales interest in smaller hotel deals (especially in the southern part of the state); and prices on larger properties will further soften as hotel financing continues to tighten. (5/4/01) Michael Billig