Berkeley's hotel industry is experiencing a downturn due to the impacts of the pandemic. The DoubleTree by Hilton, Berkeley's largest hotel, has stopped paying rent for its city-owned property and is at risk of defaulting on a $48.3 million loan. The University Inn and Suites declared bankruptcy after defaulting on a $10.5 million loan. Two large hotels stopped paying nightly room taxes, reducing hotel tax revenue below pre-pandemic levels. In response to the crisis, the city is converting six motels and hotels into housing for the homeless.
Berkeley's biggest hotel, the 378-room DoubleTree by Hilton, stopped paying rent for its city-owned property and is at risk of defaulting on a $48.3 million loan.
The University Inn and Suites declared bankruptcy in June, following a default on a $10.5 million loan, underscoring the struggles facing the local hotel industry.
Staff revealed that two large hotels stopped paying their nightly room taxes during the last fiscal year, further diminishing hotel tax revenues below pre-pandemic levels.
The city acquired six motels and hotels for the purpose of converting them into housing for the homeless, reflecting a shift in the local hospitality industry.
Collection
[
|
...
]