The Lodge at Tiburon has been bought through a speedy foreclosure transaction, according to documents in Marin County and Santa Clara County.
The buyer, KSL Capital Partners of Denver, also bought the Toll House Hotel in Los Gatos recently through a similarly swift foreclosure procedure.
Procaccianti Cos., the Rhode Island concern that bought the two hotels in 2019, sold them to KSL for considerably less than their prior values, a review of property filings shows.
The 102-room hotel in Tiburon was bought for no more than the $27.6 million in unpaid debt that burdened the hotel at the time of its purchase, according to a document on file at the Marin County recorder’s office. Procaccianti Cos. paid $34 million for it in 2019.
The Lodge at Tiburon in Tiburon, Calif., on June 22, 2007. (Alan Dep/Marin Independent Journal)