Sales activity for the hotel markets in the Bay Area and California imploded during the first half of 2023.
OAKLAND — Sales activity for the hotel markets in the Bay Area and California more broadly imploded during the first half of 2023, in a renewed sign of the sector’s collapse following the coronavirus pandemic.
Reay would know. Atlas Hospitality has been analyzing the statewide lodging sector for more than 20 years. Southern California suffered a 58.9% nosedive in the number of hotels sold. An estimated 62 hotels were sold in that region over the first six months of 2023 compared with 151 in the first half of 2022.
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