The Oakland Marriott City Center, the largest hotel in downtown Oakland, has defaulted on its $100 million loan from Invesco CMI Investments, indicating severe distress in the local tourism industry. This default highlights a broader trend of financial instability among Bay Area hotels, prompting fears of increased foreclosures. Despite these challenges, the hotel's facilities continue to operate, including the recently renovated Performance Center for the WNBA team, Golden State Valkyries, which leadership states will not be impacted by the default.
Lenders have been extending loans and pretending things might turn around. Extend and pretend is coming to an end. More foreclosures are ahead.
The Oakland Marriott City Center is also home to a 31,800-square-foot practice facility that previously hosted the Golden State Warriors.
We're excited to see this dedicated space support the team as they prepare for an incredible season ahead.
We do not anticipate impact to our business or basketball operations at the Valkyries Performance Center.
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