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Podcast: News For Reasonable People
Episode: #2,761 - Oakland's largest downtown hotel owner faces financial crises
Description: In another blow to Oakland’s tourism industry, the largest hotel in the city’s downtown is defaulting on its loan.The owners of the Oakland Marriott City Center, a 500-room hotel on Broadway, defaulted on its $100 million loan from Invesco CMI Investments, putting the property at risk of foreclosure, according to the Mercury News, citing Alameda County public records filed earlier this month. Gaw Capital, based in Hong Kong, purchased the hotel in 2017 for $143 million.