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California Hotels: More Defaults, More Foreclosures

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The latest recession victim is California hotels, as both tourists and businesses scale back travel and owners default on their mortgages. According to the LA Times, "the list of troubled properties includes the St. Regis Monarch Beach in Dana Point, the downtown Los Angeles Marriott, the Sheraton Universal and the W hotel in San Diego." While the problem isn't unique to California, the reliance on tourism makes the impact much greater here. Even hotels not in danger of foreclosure are expected to close due to declining revenue. [LA Times]