The Oakland Marriott City Center hotel was foreclosed, purchased by Invesco CMI Investments for $70.2 million, indicating significant issues in the Bay Area hotel market. The loan involvement totaled $100 million, reflecting a severe decline as the hotel’s value dropped by 50.9% from its 2017 assessment of $143 million. This foreclosure highlights the financial strain experienced by other hotels in the region, contributing to a broader economic malaise that threatens revenue streams for public agencies amidst a challenging lodging sector recovery.
The Oakland Marriott City Center, Oakland's largest hotel, was foreclosed on by Invesco CMI Investments, highlighting significant issues in the Bay Area's lodging market amid economic challenges.
The hotel was bought for $70.2 million, indicating a 50.9% decrease in value from its 2017 worth of $143 million, which severely impacts the local economy.
Collection
[
|
...
]