TIBURON — A boutique hotel nestled in an exclusive Bay Area enclave has been bought through a speedy foreclosure transaction, a fresh sign that economic woes still afflict the region’s weak hospitality sector.
Denver-based hospitality group KSL Capital Partners, which this month bought Los Gatos’ Toll House Hotel through a similarly swift foreclosure procedure, has also purchased The Lodge at Tiburon, documents in Marin County and Santa Clara County show.
Rhode Island-based Procaccianti Cos., which bought the two boutique hotels in 2019, sold them to KSL for considerably less than their prior values, a review of property filings shows.
The 102-unit Lodge at Tiburon was bought for no more than the $27.6 million in unpaid debt that burdened the hotel at the time of its purchase, according to a document on file at the Marin County Recorder’s Office. Procaccianti Cos. paid $34 million for it in 2019, meaning the hotel’s value has plunged by at least 18.8%…