NEWARK — A Hyatt Place hotel in Newark is in default on its loan and faces foreclosure if the property’s owner is unable to pay off the loan in full, according to documents filed on Monday with the Alameda County Recorder’s Office.
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In 2019, State Bank of Texas provided the owner of the hotel, Shivam Real Estate, with an $18 million loan to finance the property at 5600 John Muir Dr., county real estate records show.
Fremont residents Nimish Patel and Dipika Patel are among the principal executives and members of Shivam Real Estate, state business records show.
Loan defaults, foreclosures and a plunge in property values have begun to haunt a
growing number of hotels in the Bay Area
. Several have occurred throughout the region,
including in Oakland, San Francisco, and San Jose
.
