Hotels are happening
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Do you believe foreign investment will play a large role in California’s real estate recovery?
- Yes (82%, 37 Votes)
- No (18%, 8 Votes)
Total Voters: 45
At the dawn of the Great Recession in 2007, the Los Angeles (L.A.) hotel market was cut-off at the knees. It seems, however, that things have turned around for the City of Angels as international visitors come wielding their strong currencies with even stronger desires for a taste of the West L.A. shopping experience and a place to lay their heads in one of L.A.’s luxury hotels.
In order to meet this demand, investors have spent more than $550 million on hotel properties in the downtown and greater Los Angeles areas so far this year, a 77% increase over the same period last year. Industry experts unanimously agree that these bullish trends in the L.A. hotel market will persist as this impressive resurgence of international tourism in Southern California continues.
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About The Author
Jeffery Marino
is an assistant editor and lead on our first tuesday news alerts, specializing in critical economic analysis and its impact on California’s real estate market.
Dear First Tuesday:
I would think that the real motivation to the hotel acquisitions is to obtain residency permits for the buyer (and their families). The long-term economic sense is a minor factor.
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