Los Angeles County experienced a significant decline in hotel sales and dollar volume in the first half of 2023, indicating a movement towards smaller, more affordable properties.
Data reveals a 6 percent drop in overall hotel sales and an alarming 79 percent fall in total dollar volume, highlighting changing buyer preferences and market conditions.
The average price per room has decreased substantially, from $317,000 to $194,000, reflecting both market challenges and a shift towards smaller properties.
Tony Muscio emphasizes that the current hotel market faces a bid-ask spread due to high-interest rates and other economic factors affecting large hotel transactions.
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