A luxury resort in southern California will today close it’s doors for business. For the third time in the last few years, as the economy continues to worsen, despite assurances from the Government Inc. The Borrego Ranch Resort & Spa, previously known as “La Casa del Zorro,” in Borrego Springs was purchased by GH Capital in 2007 for the sum of $4.5 million.

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Vail Resorts today reported results for the first quarter of fiscal 2010 ended October 31, 2009, as well as certain early season indicators. Conditions have improved slightly, but market conditions still appear weak. Highlights include:

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Christie + Co has sold the leasehold interest of the Lord Milner Hotel, the 5-star boutique hotel in Central London, to Adrian Gardiner, owner of the Mantis Group, for an undisclosed sum, although we understand the seller was “motivated.”

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Sheraton Hotels & Resorts wants consumers to see what a difference $6 billion can make so the hotel giant is giving away thousands of free rooms for one night only at 86 hotels throughout North America to celebrate the completion of the brand’s multi-billion global revitalization effort. Consumers can visit sheraton.com/freenight on October 6-9 to register for a chance to book a free room on October 23rd at new and newly renovated flagship hotels including the Sheraton Waikiki, Sheraton Boston, Sheraton Kauai, Sheraton Dallas and Sheraton Phoenix Downtown.

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The luxury hotel industry has been showing signs of struggling over the last year or so, with a number of high end hotels defaulting on loans, but a recent report from Realpoint LLC, a credit rating agency that follows the commercial mortgage-backed securities suggests the problem may be somewhat larger than originally thought. According to Realpoint, $24.5 billion may be in danger of default, representing loans against some 1,500 luxury hotels.

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Not so long ago, Las Vegas was the ultimate in luxury destinations, with five-star hotels offering everything America’s playground had to offer at exorbitant rates. Typical room rates for a Las Vegas luxury hotel were anything from $200 up per night.  The financial crisis has had a substantial impact on Vegas’ economy; and with unemployment up to more than 13% and visitor numbers dropping like a brick, things have changed a little.

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