Two years after selling off much of its 12-acre site downtown, Manchester Financial Group will soon submit plans for a 1,150-room hotel near Broadway and Pacific Highway.
La Jolla firm joins rush to acquire financially troubled hotels amid pandemic
Over the past year, hotels have faced much-diminished demand for overnight stays amid the coronavirus pandemic, which has sharply curtailed leisure and business travel.
(The San Diego Union-Tribune)
The newly formed Torrey Pines Hotel Group will join a Los Angeles-based firm to buy up financially distressed hotels at discounted rates and manage them long-term.
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As hotels struggle to survive a nearly year-long pandemic that has crushed business and leisure travel, an increasing number of companies are rushing in to acquire financially troubled properties at what they hope will be discounted rates.