Preps and Solutions
(Sponsored Ads)
Block Cubed - Cryptocurrency and Blockchain News
  • 9 Predictions For Bitcoin And Cryptocurrency For The Second Half Of 2018
  • “This News Is Massive” Unikoin Gold (UKG) CEO Responds To Supreme Court Ruling That Legalizes Sports Betting
  • Blockchain Smart Contracts
  • Silver
    Strategic Relocation
    Recently Posted Articles and Videos
    Ready Nutrition - Homesteading and Preparedness
    Ready Gardens - A Ready Nutrition Company
    The Daily Sheeple
    The Prepper Website
    SGT Report
    The Daily Coin
    top Prepper Web Sites
    Featured Destinations
    The Liberty Mill
    Web Destinations

    Clarocet for Kids
    Silver

    Recovery: 300 California Hotels in Foreclosure or Default, More to Follow

    Mac Slavo
    October 7th, 2009
    SHTFplan.com
    Comments (4)
    Read by 78 people

    Green shoots continue to grow and the smell of recovery is in the air, except in the sunshine state, where 300 California Hotels in Foreclosure or Default.

    More California hotels are being pushed into foreclosure as tourists and businesses alike scale back their travel plans and owners are unable to pay their mortgages.

    Statewide, more than 300 hotels were in foreclosure or default on their loans as of Sept. 30 — a nearly fivefold increase since the start of the year, according to an industry report released Tuesday.

    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.

    Most struggling hotels remain open, but industry experts believe many properties are likely to be closed down in the months ahead, even if they are not in foreclosure, because they are losing so much money.

    We are often told to look at government issued economic statistics like GDP as an indicator of economic health, but rarely do mainstream media sources point out the real leading economic indicators. In our opinion, the fact that vacation related businesses around the country are going bankrupt, and hundreds are lined up to follow in their footsteps going forward, is a sure sign of a continued contraction. Other real leading indicators we like to consider when trying to understand where we are in this economic cycle are the transportation industry, specifically train, truck and boat cargo, all of which are significantly down from the boom-times of just a few years ago. The smell of this recovery is peculiar — rotten eggs maybe?

    Related reading:

    CAUTION: Crash/Collapse Dead Ahead Say Faber, Rogers, Dent and Celente

    Gerald Celente September 2009: When Commercial Real Estate Crashes There’s Going to Be No Bottom

    Click here to subscribe: Join over one million monthly readers and receive breaking news, strategies, ideas and commentary.
    The Most Trusted Tactical Gas Mask In The World
    Please Spread The Word And Share This Post

    Author: Mac Slavo
    Views: Read by 78 people
    Date: October 7th, 2009
    Website: www.SHTFplan.com

    Copyright Information: Copyright SHTFplan and Mac Slavo. This content may be freely reproduced in full or in part in digital form with full attribution to the author and a link to www.shtfplan.com. Please contact us for permission to reproduce this content in other media formats.

    4 Comments...

    Vote: Click here to vote for SHTF Plan as a Top Prepper Web Site
    1. Boris says:

      Well, all the thanks should go to the “patriot act” & don’t forget “homeland security!!
      Going to America on holidays today, is like going on holidays in the 30’s to Soviet Russia!
      Who would wanmt to???

    2. Come on, Boris…

      Look at the bright side – there should be some smokin’ deals on hotel rooms and stuff.

      I’m planning on placing a bid on the Ritz Carlton in Half Moon Bay for $100.

      If everything works out, I’m going to give Mac and his family a beach-side room.  I might even rename one of the holes on one of their golf courses “Mac Daddy.”

    3. Mac Slavo says:

      I love it — and so will the wife. I just woke her up (it’s 8am) to tell her we have a free room at the Ritz Carlton Blaine!

      My brother just flew out to Atlanta and scored a room at the ‘W’ for 4 days for $500. whaaaat. that’s crazy, if you ask me, considering rooms were easily running $300 a night just a year or so ago.

      Many of the W’s, you may recall, are underwater all over the country. If you happen to be in Dallas, TX at anytime in the future, check out the W in downtown during the evening hours. You may see one or two room lights on …. the rest are empty.

      I don’t care what the media says. If I am rolling through any metropolitan downtown area (save NYC and maybe LA), there are few lights on in the newly built, multi-million dollar hotels/condos. It’s all good though, if they go bankrupt, the US taxpayer will step in to save the day. That’s what we do now: Socialize the losses, privatize the profit.

     

    Web Design and Content Copyright 2007 - 2015 SHTF Plan - When It Hits The Fan, Don't Say We Didn't Warn You - All Rights Reserved

    Our Supercharged Intel Xeon E5-2620 v4 Octo-Core Dual Servers are Powered By Liquid Web

    Dedicated IP Address: 69.167.174.108

    The content on this site is provided as general information only. The ideas expressed on this site are solely the opinions of the author(s) and do not necessarily represent the opinions of sponsors or firms affiliated with the author(s). The author may or may not have a financial interest in any company or advertiser referenced. Any action taken as a result of information, analysis, or advertisement on this site is ultimately the responsibility of the reader.

    SHTFplan is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com.