U.S. hotel occupancy is at its lowest level since Smith Travel Research began tracking the figure in 1987. http://online.wsj.com/article/SB125124003973558497.html
If you use Google search to find a WSJ article, you can see the whole article. In this case, I searched for part of the title of the article, "Hotel Receivers Face Long Stay", to see the whole article.
I knew the hotel industry was f*cked when I stayed a few months last year in the SFBay area, at a Hilton, for $35/night. The same hotel room, during the tech boom, I remember paying $200/night.
This actually sounds like a great time to buy one of these hotels for less than its construction cost. You always want to buy in times like these. If someone paid 5 million for a 100 unit 3 years ago, there is no reason why you shouldnt be able to find someone to sell you that same place for 500-800k if you really look.