Business & Tech
East Bay Hotel Foreclosed After Investment Group Fails To Pay Loan: Report
The foreclosure follows a growing trend of Bay Area hotels that have been suffering financial setbacks, according to a news report.
NEWARK, CA — A Newark hotel was foreclosed after the investment group that owned it failed to pay off a loan, according to a report by The Mercury News.
The 112-room Hyatt Place Newark/Silicon Valley hotel was built in 2023 and cost about $32 million. It is now owned by an affiliate of the State Bank of Texas, which gave out the loan to the investment group in 2019, according to the report.
The seizure of the hotel is a growing trend of Bay Area hotels that have been suffering financial setbacks, according to the report.
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It's unclear whether the hotel will continue to operate. It has been listed for sale by the Atlas Hospitality Group on behalf of the lender, according to the report.
Read more from The Mercury News.
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