Recession, competition play into W San Diego's problems
Why did the owners of the stylish, luxury W San Diego decide to abandon the hotel after buying it three years ago?
A new San Diego Union-Tribune article sheds light on Sunstone Hotel Investors' decision to stop paying the mortgage and give the W (right) back to its lender.
The recession, of course, is main reason. Fewer people are traveling and fewer companies are scheduling meetings and events in luxury hotels, which means less money to pay off the mortgage each month. Profits for the W, excluding interest payments and taxes, are expected to shrink to $2 million this year, vs. around $7 million three years ago, the Union-Tribune story says.
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Source - USATODAY
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