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Hotels, especially California hotels, have been among the hardest-hit segments of the real estate industry in the economic downturn. While the distress of several high profile hotels in the state, including the W San Diego and the St. Regis Monarch Beach, has made national news, the depths of the distress in the California lodging industry goes well beyond these headliners. According to reports issued by Atlas Hospitality Group in April, at least 406 hotels in California are either in default or have been foreclosed on by the lender.

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