A hotel complex in San Jose, comprising a Motel 6 and a Super 8, has defaulted on a $21.7 million loan from Choice Hotels International, highlighting ongoing issues in the Bay Area lodging sector following the pandemic. Ownership of the property has shifted through transactions involving Blackstone Group, with Jagmohan Dhillon's affiliates among the recent buyers. Notably, similar financial issues plague other affiliated hotels, including a location in Livermore now facing bankruptcy, indicating broader economic troubles in the hospitality market.
The default on a $21.7 million loan by a San Jose hotel property illustrates the ongoing challenges in the post-pandemic lodging sector.
Despite attempts to revitalize the Bay Area lodging industry, financial difficulties persist, with multiple properties, including two owned by Jagmohan Dhillon, facing defaults.
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