Quote:
Originally Posted by mello
I wonder how Manchester managed to lose money during Covid most wealthy people did great with all the trillions the Fed pumped in to the system that boosted their stock and property portfolios?
|
Honestly couldn't tell you, that's just what I've heard.
Quote:
Originally Posted by mello
Also can you elaborate on the tourism market being shaky? I thought San Diego is kind the go to West Coast destination for many Americans as the image of LA and Bay Area is terrible with crime, homeless, traffic, dirty etc.
Biotech has been booming and now with Israel and Ukraine the War Machine economy is surely humming on all cylinders in SD County so business travel should be solid.
|
So we're in a bit of a weird area at the moment. San Diego is a major tourist hotspot. In fact, we recently posted our best year ever in terms of tourist $$$ spent.
But hotel occupancy has remained a bit below pre-pandemic levels. One of the unique things about the San Diego tourist market is that it's much more local than many other areas. San Diego pulls in a great number of people from LA, Las Vegas, and Phoenix, people who drive in for a weekend stay before going home.
That was a lifesaver during COVID, with air travel largely shut down San Diego was one of the only places in the country still hosting any sort of tourism, and its lead to a much more rapid recovery overall. But that masks somewhat more difficult situation international travelers and people from the East Coast, who really support the weekday hotel market. This is true pretty much everywhere in CA rn atm.
But, good news is this has been a very good year and we've all but recovered. It's just taking a bit of time, and with the overall difficult situation with financing atm it hasn't been encouraging anyone to beat down the doors for new hotel developments.