FORT BRAGG, 3/27/23 — On the Coast at least 20 motels, hotels, inns and bed and breakfasts have been sold since the start of the pandemic. This is an unprecedented pace in coast history, county recorder files reveal. Three of these were higher end inns, the others bed and breakfasts or economy motels. Several top-tier Mendocino, Albion and Little River hotels also have sold, and more may be in the works. Two boutique chains have bought into the market for very high end hotels and inns.
Why the sales? There has been a huge rush of money made during the pandemic by investors who are leery of the stock market. Several hotel chains have raised cash to buy single owner-founder motels and inns and consolidate staff and costs. Many hotels that have been locally owned since they were created became terribly cash-strapped by the losses of the pandemic, combined with staff shortages and costs. Also, several of the owners said no local buyers, only chains, have made offers. And many of the owners are aging.
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