Sales declines are anywhere between 18% and 25% over the same time period last year, restaurateurs told the Port Commission. Port staff says occupancy rates in the hotels around the bay ranged from 70% to 90% before the attacks. They have dropped to as low at 30% since. A recent survey showed that waterfront hotels remain below their normal occupancy levels.
The San Diego Convention & Visitors Bureau has predicted that the tourism business in general will be off by 20% for the next several months. The Port District approved the rent deferrals unanimously after hearing the testimony.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.