California hotel sales jumped 59% in the first six months of the year, according to a recent analysis published by Atlas Hospitality Group, a hotel brokerage. Large transactions, which Atlas defines as $5 million or more, grew 16.7% in individual sales and 229% in dollar volume in the first half of the year.
Northern California transactions rose 61.5%, while Southern California deals grew 56.5%.
Overall, the median price per room in California was up 7.3%. Northern California had a 9% drop, while Southern California increased 17.6%, Atlas says.
Riverside County saw the highest increase in median price per room (up 52.8%), and Sacramento County had the largest decrease (92.5%). Atlas attributes Sacramento County's decrease to the county only having two sales, one with the price reported.
SOURCE: Atlas Hospitality Group