Homeland Security Gives Reasons Why You Should Stay in a Vacation Home
Homeland Security issued a nationwide warning to “be on the lookout for terrorists” yesterday. As a result security is now being upgraded at many of the nation’s stadiums, entertainment complexes, and even hotels out of fear they could be potential terror targets. Homeland Security says no specific threat regarding a stadium or any other venue has been made but keeping citizens safe is an ongoing effort.
If you couple that threat with the fact that hotels nationwide are facing their worst economic conditions ever and are having to cut back on staffing and service levels, it seems that now is the time when travelers need to make the switch to staying in vacation rental homes for their business or leisure needs.
Across the USA, it is rumored that as many as one in five hotels are now in some stage of foreclosure according to Kenneth Rosen, an economist at University of California.
As many as one in five U.S. hotel may default on their loans by the end of 2010 as the recession forces companies to spend less on travel and perks, according to Real Capital Analytics Inc. analyst Jessica Ruderman and Kenneth Rosen, an economist at the University of California.
“The value of hotel properties in default or foreclosure almost doubled to $17.3 billion in the second quarter through June 24 from $9 billion at the end of the first quarter, data compiled by Real Capital Analytics Inc. show. The New York-based research firm, which began tracking distressed commercial property in November, expects hotel defaults to increase by as much as $2 billion next quarter”, said analyst Jessica Ruderman.
“Hotels without question will have the highest foreclosure rate of any commercial real-estate sector,” said Rosen …
