"The Sonesta Select hotel in Pleasant Hill has been bought for $12 million, according to documents filed on Sept. 25 with the Contra Costa County Recorder's Office. The purchase price for the 135-room hotel at 2250 Contra Costa Blvd. offers an indication that weak property values still haunt the lodging market in the Bay Area. The purchase price of $12 million was 38% below the property's assessed value of $19.4 million in January 2025, as calculated by the Contra Costa County Assessor's Office."
"An affiliate controlled by the Vinod and Nayna Patel family trust bought the hotel, county and state government public records show. Hospitality Properties Trust, a real estate investment trust, or REIT, acted through an affiliate to sell the hotel to the Patels. The hotel is near the interchange of Interstate 680 and Contra Costa Boulevard. It's also next to Downtown Pleasant Hill, a lively hub of shops, restaurants and a movie complex."
"Plunging property values, loan defaults, bankruptcies, and foreclosures have haunted the Bay Area hotel sector in recent years. The ailments for Bay Area hotels emerged in the wake of the coronavirus outbreak that disrupted worldwide travel and hotel stays. Occupancy levels have been improving in the Bay Area, but the financial foundations that underpin hotel properties have weakened. Lenders have foreclosed on some of the largest hotels in the Bay Area due to failed property loans."
A Pleasant Hill Sonesta Select hotel sold for $12 million, significantly under its $19.4 million assessed value in January 2025. The 135-room property at 2250 Contra Costa Blvd. was purchased by an affiliate of the Vinod and Nayna Patel family trust and sold by an affiliate of Hospitality Properties Trust. The hotel sits near the I-680/Contra Costa Boulevard interchange and adjacent to Downtown Pleasant Hill. Bay Area hotel property values have declined, accompanied by loan defaults, bankruptcies and foreclosures after the coronavirus disruption. Occupancy is improving, but underlying financial stability of hotel properties remains weakened.
Read at www.mercurynews.com
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