OAKLAND — A big highrise hotel in downtown Oakland has tumbled into default on a delinquent loan, fresh evidence of a feeble lodging market in the Bay Area.0
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The Oakland Marriott City Center hotel next to the East Bay city’s convention center is in default on its loan, documents filed on Feb. 11 with the Alameda County Recorder’s Office show.
The delinquent loan totals $100 million, the county real estate files show.
The 500-room hotel is the East Bay’s largest hotel.
Invesco CMI Investments filed the default against the hotel. Invesco CMI bought the loan on the hotel in May 2024 and now could foreclose on the landmark.
The financial woes that have engulfed the Oakland City Center Marriott are the latest indicator of ailments for the Bay Area lodging sector in the wake of the coronavirus.
Hong Kong-based Gaw Capital bought the hotel via an affiliate in 2017 for $143 million. The hotel is at 1001 Broadway.
The hotel is a crucial piece of Oakland’s economic and lodging mosaic.
