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Gaw
Capital defaults on loan. Los Angeles-based Gaw Capital USA, a unit of Hong Kong-based Gaw Capital
Partners, has reportedly defaulted on a $100 million loan secured by the 500-key Oakland
Marriott City Center. Gaw Capital USA skipped one or more payments for the loan
tied to Oakland’s largest hotel, according to the San Francisco Business Times.
Paris-based Natixis lent Gaw Capital USA $80 million in 2017, and $20 million
more two years later, according to The Real Deal. Gaw Capital bought the hotel
in 2017 for $143 million. The default comes after notable hotel closures and
loss of hotel asset values in the Oakland-San Francisco area, which makes
troubled assets more difficult to sell.
US profits grew. U.S.
hotel industry profits grew in 2024, but increased labor costs and inflation
limited growth, according to P&L data from CoStar….
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