Hotel owners are scrambling to flee Los Angeles, warning of financial ruin after soaring minimum wages and a lack of buyers for their properties. Jon Bortz’s company owns eight hotels in Los Angeles , but he wants out. The problem? No one’s buying. “We sold one last year — we would love to sell more of our hotels. I’ve stated that publicly in Los Angeles,” Bortz, CEO of Pebblebrook Hotel Trust, a publicly traded real estate investment trust, told The California Post. “But, there are no buyers.”

Tag-uri: Real Estate