Part 10/12:
Former Oakland City Council member Lauren Taylor underscores that losing a major hotel is another economic blow, further depleting the city’s revenue. The city’s inability to attract new large-scale conventions or events is also a direct consequence of public safety concerns, reducing the likelihood of hotel occupancy and revenue generation.
The Future Outlook
The prognosis for Oakland’s hospitality industry remains bleak. The foreclosure of these major properties signals a long-term trend of declining real estate values and shrinking investment. Some speculate that these vacant hotels could be repurposed into residential condos or other uses, although such transitions are complicated by the city’s financial and safety crises.