Getting your
Trinity Audioplayer ready...RICHMOND — A Richmond hotel tumbled into a loan default and now faces foreclosure if its owners don’t repay it in full, documents on file with the Contra Costa County Recorder’s Office show.
In 2020, First Technology Credit Union provided the now-delinquent $11.6 million loan for SureStay Plus Hotel by Best Western in Richmond, Contra Costa County documents show.
The principal members of the business entity that owns the 108-room hotel at 915 West Cutting Blvd. include Nupen Patel and Bharat Patel, according to county and state public records.
This financial setback and numerous other loan delinquencies and foreclosure proceedings have erupted with increasing frequency as the Bay Area hotel market is locked in a downturn.
Both Nupen Patel and Bhara Patel are among the principal members of the ownership group for the Radisson Hotel Oakland Airport in Oakland, which has been shoved into receivership due to a delinquent $31 million loan, Alameda County documents show.
Financial woes for hotels, office buildings, and apartments throughout the Bay Area pose a threat to property values — and to the tax revenue streams that are crucial to various government agencies and services.