A San Jose site where a hotel with more than 100 rooms is proposed has tumbled into a loan default and faces foreclosure.
SAN JOSE — A San Jose site where a hotel with more than 100 rooms is proposed has tumbled into a loan default and faces foreclosure, a fresh indicator of post-coronavirus economic maladies for the Bay Area lodging sector.
The four-story hotel would also have featured a ground-floor restaurant and a rooftop deck, the city documents show. The now-delinquent mortgage was issued in 2021, the county real estate records show. The joint lenders were LBC Capital Income Fund and Fogel Family Trust, according to the loan default notice.
On May 4, South Korea-based Pine Tree Investment & Management seized ownership of an undeveloped 3.2-acre site at 7 Topgolf Drive in San Jose’s Alviso district where a 200-room hotel had been proposed. Pine Tree was the lender for the land site. The hotel was never built.
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