California hotel industry still suffering as landmark hotel for sale

A few weeks ago, I reported for WalletPop on the wave of foreclosures striking California hotels -- a 27% increase in the first quarter of 2010. Some large hotels changed ownership because of the continuing weakness of the real estate/hotel market here.

Now comes word from the Los Angeles Times that one of Southern California's most iconic and most photographed hotels, the 451-room Sheraton Universal, is up for sale at what is likely to be a relatively bargain price. The hotel has been described as being "financially troubled" for so long, it has practically become part of the hotel's official name: "Welcome to the financially troubled Sheraton Universal Hotel. May I take your bags?"