An overseas investment group has struck a deal that could help it gain ownership of a San Jose hotel development site whose mortgage is in default.
SAN JOSE — An overseas investment group has struck a deal that could help it gain ownership of a San Jose hotel development site whose real estate loan has tumbled into delinquency and default.
The lenders even scheduled a trustee’s sale to publicly auction off the property or seize the hotel project land, which totals 3.2 acres, through a foreclosure on the loan. By undertaking this process, the Sol San Jose organization is in a position to foreclose the loan on its own and become the new owner of the hotel development site.In the case of the Huntington Hotel, those new owners reached a deal with lender Deutsche Bank to first obtain ownership of the delinquent loan for the property. Next, the new loan holders foreclosed on the delinquent mortgage and officially bought the historic hotel tower on Nob Hill.
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