"Kubera Hotel Properties, the principal owner of University Inn, has won a judge's approval to sell the hotel to Goldfin Ventures, according to documents on file with the U.S. Bankruptcy Court. The hotel would be sold for $17 million to Goldfiln Ventures, an LLC whose principal managers include Vinu Krishnamurthy, according to a bankruptcy judge's order issued on Aug. 26."
"The coronavirus hurt the hotel, according to a declaration that Pradeep Khatri, the hotel's principal owner, filed with the bankruptcy court in August. Like many businesses, COVID was devastating, Khatri stated in his filing. The hotel struggled through the COVID pandemic and was not operating profitably. In September 2024, the hotel defaulted on its mortgage payments to Wilmington Trust, the current holder of the mortgage for the hotel."
"Krishnamurthy states on his LinkedIn that he has 25 years of experience in the tech industry, including holding multiple executive roles at San Jose-based Adobe. Goldfin Ventures is listed as a Saratoga-based entity whose businesses include technology and real estate services, state business records show. The hotel's purchase could be completed over the next three to four months, bankruptcy court papers show."
Kubera Hotel Properties will sell University Inn & Suites, a 113-room Berkeley hotel at 920 University Ave., after winning a judge's approval in bankruptcy court. The property defaulted on a $10.5 million loan obtained in 2019; the default filing occurred on Feb. 11. The hotel would be sold for $17 million to Goldfiln Ventures, managed in part by Vinu Krishnamurthy. The hotel struggled financially during the COVID pandemic and stopped operating profitably. The debtor received offers but no previous sales closed and refinancing efforts failed. Wilmington Trust is the current mortgage holder. The sale could close within three to four months.
Read at www.mercurynews.com
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