OAKLAND — The 172-room Moxy Oakland Uptown hotel in downtown Oakland is in default on a $35 million loan that it received in 2022 from Acore Capital Mortgage, according to documents filed on Aug. 22 with the Alameda County Recorder’s Office.
The hotel was developed by an alliance of Tidewater Capital, a San Francisco-based real estate firm with both development and investment expertise, and Graves Hospitality, a hotel management firm.
The Moxy is a Marriott International hotel brand that debuted in Italy in 2014.
“A boutique-hotel concept for the next-gen traveler, Moxy is a fresh and innovative brand combining stylish design and approachable service at an affordable price point,” according to a post on Staypedia.
When the Moxy opened in 2021, it was part of a burst of new hotel developments that sprouted in the Bay Area. Now, it has become one several properties engulfed by waves of loan delinquencies, foreclosures, and fading property values.
Here are some examples of the lodging sector’s woes in the region:
— The 500-room Oakland Marriott City Center in downtown Oakland was seized through a foreclosure on July 8 that placed a $70.2 million value on a lodging tower that in 2017 was bought for $143 million.
— In May, the 541-room Signia by Hilton, a downtown San Jose lodging tower that is the South Bay city’s largest hotel, was seized through a foreclosure that valued it at $80 million, well below the foreclosed loan’s $134 million total.
— The 162-room Courtyard Oakland Downtown was bought in October 2024 for $10.6 million, a nosedive of 76% from its prior value.
— In August 2024, the Hilton Oakland Airport Hotel abruptly closed its doors, a shutdown that eliminated 152 jobs.
— The 145-room Waterfront Hotel in Jack London Square shut down without warning in late January.
— The 289-room Radisson Oakland received an appraisal of $15 million in October 2024, according to Morningstar. That was a 70% plunge from the hotel’s prior value.
— A 276-room dual-branded hotel at 1431 Jefferson St. in downtown Oakland was taken back by its lender through a streamlined foreclosure process.
— The 142-room Hyatt House Pleasant Hill was foreclosed on June 11.
— The 128-room Hyatt House Pleasanton was seized through a foreclosure in May.
— A 112-room Hyatt Place/Newark Silicon Valley in Newark defaulted on its loan and could be taken by its lender through a foreclosure, according to documents filed in June.
— The Huntington Hotel that’s perched atop San Francisco’s famed Nob Hill was bought following a foreclosure in a deal that priced the historic tower at a fraction of its assessed value.
As a sign of the weakness in the Bay Area hotel market, the number of hotels under construction during the first half of 2025 nosedived by 46.7% compared with the same six-month period in 2024, according to a report by Atlas Hospitality Group.