Largely because of a huge number of foreclosure sales in Southern California, twice as many hotels have gone on the auction block in the region than in Northern California since 1994.
But the price per room--an easy way of keeping tabs on the market--is still 22% lower in Southern California, according to calculations by the Atlas Hospitality Group in Costa Mesa.
In Orange County, though, the average price per room last year was $66,665, compared with $54,262 per room in Northern California and $42,322 in Southern California.
The main reason can be found in just one of the 25 sales recorded in the county, said Atlas Hospitality President Alan X. Reay. That was the $225-million sale of the Ritz-Carlton in Dana Point, which at $572,519 per room is one of the priciest hotel deals ever recorded in California.