A Point Richmond hotel is teetering on the edge of foreclosure after slipping into loan default, another sign that Bay Area lodging is still on unsteady ground. The SureStay Plus by Best Western in Point Richmond, a roughly 108-room property, is now flagged in county records as delinquent on its commercial mortgage. If the owners cannot bring the debt current or strike a deal with the lender, the property could be seized or placed under a court-appointed receiver.
According to The Mercury News, county recorder filings show that First Technology Credit Union issued a $11.6 million loan on the hotel in 2020, which is now in default. The outlet reports that the borrowing entity is Richmond Hotel LLC, and that county and state documents list Nupen Patel and Bharat Patel as principal members. The notice places the 108-room motel at risk of foreclosure unless the loan is repaid or reworked.
Local ownership and property details
Local government records list Richmond Hotel LLC as tied to the site, and that entity appears on city documents connected to the hotel’s address, per the City of Richmond. The property operates under the SureStay Plus by Best Western flag and is listed as having 108 rooms on the brand’s website. Best Western places the hotel at 915 W Cutting Boulevard in Point Richmond.
Where this fits in a shaky market…