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, offeringfree tats, tequila and BMWs for staysprobably won't help.
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