The developer-owner of the Marriott Tacoma Downtown is facing the potential loss of the property, with an auction scheduled for November to collect on a loan default.
According to recent media reports, legal filings in Pierce County Superior Court show that Yareton Hotel Investment Management LLC of Seattle, a subsidiary of Shanghai Mintong Real Estate Co., has defaulted on a $70 million loan dating back to 2021. In July, lenders filed to place the property in receivership, citing unpaid debt and financial instability. According to the complaint, the hotel’s manager even used personal funds to cover payroll and other essential expenses.
A notice of default was recorded in May, beginning a nonjudicial foreclosure process. On July 17, the court assigned a custodial receiver to oversee the site’s finances. Unless the debt is resolved, the hotel and its garage – also used by the adjacent Greater Tacoma Convention Center – are slated for auction on Nov. 7 at the County-City Building. Beacon Default Management is managing the process…