NATIONAL

Analysis: US hotel developers run out of cash as construction lending dries up
Reuters
Tighter lending standards from regional banks are making it harder for U.S. hotel developers to secure funding, slowing construction of new hotels at a time Americans' appetite for travel is ripe. Hotel developers, private equity firms, and general contractors told Reuters the financial stress on regional banks -- the largest lenders to hotels and other commercial real estate markets -- has forced developers to postpone projects or find other creative ways to raise capital.

CALIFORNIA

Real Estate Group Halts Payments on Two of San Francisco's Largest Hotels in Latest Sign of Doom Loop
San Francisco Standard
The decision to offload the city's largest hotel—the 1,921-room Hilton San Francisco Union Square—as well as its fourth-largest hotel—the nearby 1,024-room Parc 55 San Francisco—represents a major disinvestment and negative sign for what was once one of the strongest hospitality markets in the country. Taken together, the two properties make up around 9% of the city's total stock of hotel rooms.

TEXAS

Appraisal District names Petree interim director
hcnews.com
The board of the Hood Central Appraisal District has named Richard Petree as interim chief appraiser following the resignation of Chief Appraiser Eddie Roe. With years of experience, Petree takes the reins at a critical time, when taxing entities are preparing budgets for the upcoming fiscal year. According to a statement emailed to the Hood County News, Petree has served as a consultant to the HCAD on various projects over the past several years, and thus has special insight into the workings of that office.

Austin housing market crash rings real estate alarm bells
Newsweek
According to the Zillow Home Value Index, home prices in Austin have fallen by more than 10 percent between July 2022 and April 2023, while on a national level home prices declined by about 1 percent. The Texas city saw the biggest decline in the entire country, followed by San Francisco with a drop of 10 percent, Bend, Oregon, with a fall of 9.5 percent and Boise with a decrease of 9.3 percent.