NEWARK — Two Newark hotels that were mired in an Ashford Hospitality portfolio of troubled lodging properties were bought by a Southern California investment group for a combined $20 million, a fraction of their prior values.
Located next to each other, the Courtyard Newark Silicon Valley hotel was purchased on July 17 for $12 million, and the Residence Inn by Marriott Newark was acquired on July 20 for $8 million, documents filed at the Alameda County Recorder’s Office show.
Entrepreneur and real estate executive Cobby Pourtavosi, who heads up Los Angeles-based investment firm Capital Insight, bought the hotels from a receiver that had been appointed by a court to take over the properties due to their failed loans…