Alan Reay Reay: “Any hotel that is reasonably priced in Orange County will have multiple offers and sell very quickly.”

IRVINE, CA—The improved economy, coupled with the spike in new hotel development, means we are seeing more owners invest considerable amount of dollars toward renovation and upgrades, Atlas Hospitality Group’s president Alan Reay tells GlobeSt.com. The firm recently released its 2017 Year-End California Hotel Development Survey, which revealed that six Orange County hotels with 960 rooms opened in 2017, a 47%-room-count drop from the seven hotels with 1,808 hotels that opened in 2016.