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IRVINE, CA-The number of California hotels in default or foreclosure increased during the third quarter, but an even bigger story may be lurking in the shadows—the shadow inventory of properties that are in trouble but have yet to hit the default market. Alan Reay, president of Irvine-based Atlas Hospitality Group, tells GlobeSt.com that his firm’s research suggests “a huge shadow inventory of distressed deals that are yet to hit the default market” could be up to 1,000 hotels in addition to the 529 in default or foreclosed already. California’s total hotel count is approximately 10,000.

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