OAKLAND — A lender has taken ownership of Oakland’s biggest hotel through a foreclosure that underscores the ailments and price nosedives that plague the Bay Area’s sickly lodging market.
The Oakland Marriott City Center hotel was taken back by its lender, which bought the property for just under $70.2 million through the foreclosure. Default Resolution Network, which handled the foreclosure proceeding, provided the results of the transaction.
Invesco CMI Investments filed the default against the hotel. Invesco CMI bought the loan in May 2024 from the original lender, Nataxis New York Branch, according to documents on file with the Alameda County Recorder’s Office…