There is plenty in the news about homes facing foreclosure, but little about other properties. That may soon change. Lenders are foreclosing on the Scotts Valley Hilton for an unpaid debt of $16.8 million. Though some estimates place the number of hotels in California in distress at about 1,000, this is the first hotel in Santa Cruz County to actually face foreclosure.
There is plenty in the news about homes facing foreclosure, but little about other properties. That may soon change. Lenders are foreclosing on the Scotts Valley Hilton for an unpaid debt of $16.8 million. Though some estimates place the number of hotels in California in distress at about 1,000, this is the first hotel in Santa Cruz County to actually face foreclosure.
While few people expect the hotel to shut down, it could be getting a new owner because of the pending foreclosure. Recently the Blackstone group took over 14 hotels at risk of foreclosure, and it is said to be eying this property too. Meanwhile, the Santa Cruz County Conference and Visitors Council is doing what it can to boost the visibility of the county’s hotels and make them an attractive spot for vacationers. It may be too late for the Scotts Valley Hilton, but tourism is a key component of Santa Cruz’s revenue. Read more at Santa Cruz Sentinel.
