The pandemic’s impact on the hotel market in California and Arizona has been severe but uneven, according to a new report from CBRE. The report shows that occupancy fell to 37% in California and Arizona from March through August. While there were some signs of rebound in the spring, the market slowed again in the summer. The decrease in hotel activity has had a significant impact on the hotel investment market.

“Historically low hotel occupancy rates have significantly lessened the number of hotel transactions since the pandemic began, although sales are still occurring for well-positioned hotels with good sponsorship, as evidenced by CBRE Hotels’ recent $216 million sale of the Newport Beach Marriott Hotel & Spa,” Brandon Feighner, managing director of the West division practice with CBRE Hotels Advisory, tells GlobeSt.com

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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