Hyatt House Pleasant Hill, part of a nationwide hotel portfolio, was acquired through a court-ordered receivership due to failed loans totaling $204 million. This hotel, along with the nearby Hyatt Hotel Pleasanton, was seized by an affiliate of Mount Street U.S. The hotel market has faced severe challenges since the COVID-19 outbreak, with some hotels unable to maintain operations. This has resulted in significant stress for hotel management teams trying to secure funding through the Paycheck Protection Program while facing uncertainty in business operations.
In May, the 128-room Hyatt Hotel Pleasanton also was seized by a Mount Street U.S. affiliate as part of the court-ordered receivership for the nationwide portfolio.
Some hotels in the portfolio that were managed by Chartwell Hospitality appeared to be operating with no certainty that they could remain open for more than a week or so, court papers show.
The hotel managers were also scrambling to obtain funding from the COVID-era Paycheck Protection Program.
There is an incredible amount of stress that is being put on the teams at these hotels while they work incredibly hard to keep the assets open for business.
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