"A loan delinquency has jolted a big East Bay hotel, a mortgage default that serves up fresh evidence of the feeble state of the Bay Area lodging market."
"The loan default that has hit the Hyatt Place Newark/Silicon Valley hotel shows maladies still afflict the Bay Area lodging market in the wake of the economic disruptions that the coronavirus outbreak unleashed."
"In 2019, State Bank of Texas provided the owner of the Hyatt Place hotel with an $18 million loan to finance the property, which is at 5600 John Muir Drive in Newark."
"A lender foreclosed on San Jose's largest hotel, the Signia by Hilton, in May. The foreclosure proceeding valued the downtown hotel at $81 million."
The Bay Area hotel market continues to struggle post-COVID-19, evidenced by a recent loan default on the Hyatt Place hotel in Newark. Facing foreclosure, this property symbolizes the ongoing challenges, including delinquencies and declining property values, plaguing the local lodging market. The Hyatt Place, owned by Shivam Real Estate, received an $18 million loan in 2019. Other notable cases include the Oakland Marriott and the Signia by Hilton in San Jose, both of which are undergoing foreclosure proceedings due to significant loan defaults, raising concerns about the overall health of local hospitality businesses.
Read at www.mercurynews.com
Unable to calculate read time
Collection
[
|
...
]