The site where a hotel is slated to be developed in San Jose is headed for a real estate auction and possible foreclosure.
SAN JOSE — The site where a hotel is slated to be developed in San Jose is headed for a real estate auction and possible foreclosure of a delinquent loan, Santa Clara County property records show.
Now, however, the project’s future has tumbled into limbo, at best. Instead of construction starting on the hotel, the next major event for the development site appears to be a public auction scheduled for mid-April. The lenders reported that the loan was in default in October 2022, according to the county documents. At that time, the total owed, including interest, late fees and penalties, had swelled to $34.4 million.
Three years after the onset of the coronavirus, a brand-new hotel in north San Jose would appear to face murky prospects.
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