"OAKLAND The 172-room Moxy Oakland Uptown hotel in downtown Oakland is in default on a $35 million loan that it received in 2022 from Acore Capital Mortgage, according to documents filed on Aug. 22 with the Alameda County Recorder's Office. The hotel was developed by an alliance of Tidewater Capital, a San Francisco-based real estate firm with both development and investment expertise, and Graves Hospitality, a hotel management firm. The Moxy is a Marriott International hotel brand that debuted in Italy in 2014."
"Now, it has become one several properties engulfed by waves of loan delinquencies, foreclosures, and fading property values. Here are some examples of the lodging sector's woes in the region: The 500-room Oakland Marriott City Center in downtown Oakland was seized through a foreclosure on July 8 that placed a $70.2 million value on a lodging tower that in 2017 was bought for $143 million."
The 172-room Moxy Oakland Uptown hotel is in default on a $35 million loan received in 2022 from Acore Capital Mortgage. The hotel was developed by Tidewater Capital and Graves Hospitality and operates under Marriott's Moxy brand. The Moxy opened in 2021 amid a surge of Bay Area hotel development. Multiple regional hotels have since encountered loan delinquencies, foreclosures, closures, and steep valuation declines. Examples include the 500-room Oakland Marriott City Center seized in foreclosure with a $70.2 million value, the Signia by Hilton in San Jose seized and valued at $80 million versus $134 million owed, and the Courtyard Oakland Downtown sold in October 2024 for $10.6 million.
Read at www.mercurynews.com
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