Real estate investors bought a San Jose property for $5.5 million after it fell into foreclosure due to a delinquent loan, demonstrating a decline in value from the original purchase price of $6.5 million in 2019.
The site at 1510 South De Anza Boulevard, previously targeted for a 132-room hotel development by North Star Hotel group, currently stands empty, with uncertain plans by new owners Weijia Que and Xinghua Hu.
The foreclosure on the property in September 2023 was a result of a $4.6 million loan default provided in 2021, leading to the takeover by LBC Capital Income Fund and the Fogel Family Trust.
The decline in property value and economic impacts from the 2020 pandemic highlight the challenging environment for the hotel and lodging sector in the Bay Area and globally.
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