California hotel market is heating up

Sales in the state reached a record $5.3 billion last year, up almost 200 percent from 2010, according to Atlas Hospitality Group (via the OC Register). Also, the number of hotel sales was up 90 percent, to 316. California's priciest sale per room was $578,059 for the Mondrian Los Angeles in West Hollywood. Biggest overall sale: The $570 million purchase of the 1,625-room Manchester Grand Hyatt in San Diego. All of which is a good indicator that investors are becoming more interested in the hospitality sector - and that's also borne out by higher occupancy rates and higher revenues per room.