A San Jose hotel project site whose development future is murky due to coronavirus-linked economic woes is now owned by its lender.
SAN JOSE — A San Jose hotel project site whose development future is murky due to coronavirus-linked economic woes is now owned by a unit of the property’s lender after the formal completion of a real estate foreclosure.
Pine Tree Investment & Management, a South Korea-based real estate firm that acted through an affiliate, now is the owner of the hotel development land, documents filed on May 4 with the Santa Clara County Recorder’s Office show. A different South Korea-based firm, operating as Mirae-San Jose, paid $22.5 million in 2019 for the hotel site, which consists of 3.2 acres of land.
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