Corporate
Oct. 24, 2009
Hotels Struggle in Recession: Loan Defaults Rise
Lynn Cadwalader of Holland and Knight says the key to a successful hotel loan workout is understanding the hotel management agreement.
HOSPITALITY
By Lynn CadwaladerThe hospitality industry has been hard hit by the recession. This is particularly true in California, which is a major destination for domestic and foreign travelers, with travel and tourism accounting for a substantial share of government revenue in the way of transient occupancy, sales and use tax. Less travel and hotel stays have led to dramatic declines in hotel occupancy and ADR (average daily rate), significantly im...For only $95 a month (the price of 2 article purchases)
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