SAN JOSE — The seizure of a downtown San Jose hotel in a foreclosure is a fresh sign that Bay Area lodging markets are still struggling to recover from their coronavirus-induced economic maladies.
The Signia by Hilton San Jose hotel was taken by the tower’s lender on May 12 in a foreclosure triggered by a $134 million delinquent loan.
The foreclosure priced the hotel at $80 million, based on what lender BrightSpire Capital paid to seize ownership of the lodging tower at 170 South Market Street in downtown San Jose. That value was 41% less than the $134 million loan that was in default…