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07-02-2009, 06:47 AM #1
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One In Five US Hotels May Default
Hotel Loan Defaults Double as Recession Cuts Travel (Update2)
By Dan Levy and Nadja Brandt
July 1 (Bloomberg) -- As many as one in five U.S. hotel loans may default through 2010 as the recession means companies are spending less on travel and perks, according to University of California economist Kenneth Rosen.
The value of hotel properties in default or foreclosure almost doubled to $17.3 billion in the second quarter through June 24 from $9 billion at the end of the first quarter, data compiled by Real Capital Analytics Inc. show. The New York-based research firm, which began tracking distressed commercial property in November, expects hotel defaults to increase by as much as $2 billion this quarter, said analyst Jessica Ruderman.
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