Downtown Oakland hotel suffers loan default in fresh jolt to market

OAKLAND The -room Moxy Oakland Uptown hotel in downtown Oakland is in default on a million loan that it received in from Acore Capital Mortgage according to documents filed on Aug with the Alameda County Recorder s Office The hotel was developed by an alliance of Tidewater Capital a San Francisco-based real estate firm with both enhancement and capital expertise and Graves Hospitality a hotel management firm Related Articles Los Gatos bureaucrats don t like character of RH s proposed facade San Jose City Council approves new SAP Center lease deal with Sharks Novice housing proposed at former San Jose restaurant site Trudys bridal shop preps opening at new San Jose location South Bay hotel lands buyer at price below its assessed value The Moxy is a Marriott International hotel brand that debuted in Italy in A boutique-hotel concept for the next-gen traveler Moxy is a fresh and innovative brand combining stylish design and approachable function at an affordable price point according to a post on Staypedia When the Moxy opened in it was part of a burst of new hotel developments that sprouted in the Bay Area Now it has become one several properties engulfed by waves of loan delinquencies foreclosures and fading property values Here are selected examples of the lodging sector s woes in the region The -room Oakland Marriott City Center in downtown Oakland was seized through a foreclosure on July that placed a million value on a lodging tower that in was bought for million In May the -room Signia by Hilton a downtown San Jose lodging tower that is the South Bay city s largest hotel was seized through a foreclosure that valued it at million well below the foreclosed loan s million total The -room Courtyard Oakland Downtown was bought in October for million a nosedive of from its prior value In August the Hilton Oakland Airport Hotel abruptly closed its doors a shutdown that eliminated jobs The -room Waterfront Hotel in Jack London Square shut down without warning in late January The -room Radisson Oakland received an appraisal of million in October according to Morningstar That was a plunge from the hotel s prior value A -room dual-branded hotel at Jefferson St in downtown Oakland was taken back by its lender through a streamlined foreclosure process The -room Hyatt House Pleasant Hill was foreclosed on June The -room Hyatt House Pleasanton was seized through a foreclosure in May A -room Hyatt Place Newark Silicon Valley in Newark defaulted on its loan and could be taken by its lender through a foreclosure according to documents filed in June The Huntington Hotel that s perched atop San Francisco s famed Nob Hill was bought following a foreclosure in a deal that priced the historic tower at a fraction of its assessed value As a sign of the weakness in the Bay Area hotel sphere the number of hotels under construction during the first half of nosedived by compared with the same six-month period in according to a assessment by Atlas Hospitality Group