The DoubleTree by Hilton Hotel in San Jose is currently up for sale, reflecting the troubling state of the Bay Area hotel market. Owned by Park Hotels & Resorts, the 505-room property is being marketed for sale amidst loan defaults and foreclosures hitting the region's hospitality sector, exacerbated by the effects of the COVID-19 pandemic. Recent foreclosures include notable hotels in San Jose and Oakland, showcasing the significant financial distress faced by many properties. As the market continues to struggle, the hotel’s assessed value stands at $92.6 million.
The sale of the DoubleTree by Hilton Hotel San Jose highlights the growing challenges facing the Bay Area lodging market, driven by economic hardships linked to COVID-19.
With the recent wave of loan defaults and foreclosures in the region, Park Hotels & Resorts is looking to divest the San Jose hotel amid increasing financial pressures.
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