US Hotel Vacany Rates Highest In History: Receivers Can't Keep Up w/Distressed Props

[nkhoi]

Quote from ByLoSellHi:

U.S. hotel occupancy is at its lowest level since Smith Travel Research began tracking the figure in 1987.



http://online.wsj.com/article/SB125124003973558497.html

just back from Glen Cove Manor Hotel, Long Island. I had the whole hotel facilities for myself for the whole week. I saw just hotel staffs and one or two customers. I parked my car at load/unload spot for the whole stay.

 

[Dragons Teeth]

Quote from Clubber Lang:

Not a chance.

Yep its bad but not that bad most who are in a bad position are mothballing and sitting it out.

 

[peilthetraveler]

Quote from Clubber Lang:

Not a chance.

LOL! You are so naive. You think you cant buy a business for 10-20 cents on the dollar in this economy? Heck, even Carl Icahn was able to pick up the stratosphere hotel & casino a decade back for 15 cents on the dollar and that was a big corporation(complex as a transaction as it was though). But you think you couldnt get a simple business owner to take a loss on his business just to get out when we see large corporations do it? Trust me, there are plenty of them out there. Alot of people have no idea how to run a business. Some get large sums of cash and think they should put it into a business like hotel or a restaurant and they have no idea how to run a business, or no idea how to find someone to run it. Because how can you find someone to run a business that is competent if you dont even know the basics of running it yourself? Business owners like this are a dime a dozen. Why do you think 90% of small businesses fail in the first 5 years.