Foreclosures in Dana Point climbed to 47 in January through September from 15 a year earlier, and properties in default more than quadrupled to 259.

Loans secured by more than 1,500 hotels with a total outstanding balance of $24.5 billion are in danger of default.

And, as with the housing market, it was really the late stages of the housing bubble that did so much of the damage: 70% of its troubled hotel loans originated between 2005 and 2007. Sadly, offering free tats, tequila and BMWs for stays probably won't help.