"The coronavirus hurt the hotel, according to a declaration that Pradeep Khatri, the hotel's principal owner, filed with the bankruptcy court in August. "Like many businesses, COVID was devastating," Khatri stated in his filing. "The hotel struggled through the COVID pandemic and was not operating profitably.""
"In September 2024, the hotel defaulted on its mortgage payments to Wilmington Trust, the current holder of the mortgage for the hotel. "The debtor has been attempting to sell the hotel for a number of months and received favorable offers, but no sales closed," Khatri declared in the court records. "The debtor has also sought to refinance its existing secured debt without success.""
A buyer has emerged for University Inn & Suites, a 113-room hotel at 920 University Ave. in Berkeley. Kubera Hotel Properties, the principal owner, filed for bankruptcy after defaulting on a $10.5 million loan obtained in 2019 and facing a lender foreclosure attempt. A bankruptcy judge approved a $17 million sale to Goldfin Ventures, an LLC whose managers include Vinu Krishnamurthy. Goldfin is listed as a Saratoga-based entity with technology and real estate services. The seller cited devastating COVID impacts, unsuccessful refinancing, and prior favorable offers that failed to close. The sale could complete in three to four months.
Read at The Mercury News
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