"The Hyatt Place Newark/Silicon Valley hotel at 5600 John Muir Dr. is now owned by an affiliate of lender State Bank of Texas following a foreclosure of an $18 million loan, documents filed on Oct. 17 with the Alameda County Recorder's Office show. The bank paid $25.8 million for the 112-room hotel, equal to the unpaid debt on the loan, which State Bank of Texas provided in 2019 to the hotel's owner."
"The largest hotels in Oakland and San Jose have been jolted by loan failures and foreclosures this year. Defaults have rocked several hotels in San Francisco as that lodging market falters. The problems in the hotel market have become severe enough that they have undermined sales activity in the Bay Area and Southern California and have hobbled the pace of development for hotels throughout the state, according to a July report by Atlas Hospitality Group, which tracks the California lodging market."
The Hyatt Place Newark/Silicon Valley at 5600 John Muir Dr. was seized by an affiliate of lender State Bank of Texas after foreclosure of an $18 million loan. The bank paid $25.8 million for the 112-room hotel, equal to the unpaid debt on the loan originally provided in 2019 to Shivam Real Estate, which defaulted in June. Principals Nimish Patel and Dipika Patel are listed among Shivam's executives. Loan defaults, foreclosures and falling property values are affecting numerous Bay Area hotels, disrupting sales and slowing development. Hotel construction activity plunged nearly 46.7% year-over-year in the first half of 2025.
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