Newark hotel lands local buyer in wake of foreclosure

New ownership group has extensive hotel sector experience

By George Avalos | gavalos@bayareanewsgroup.com | Bay Area News Group

PUBLISHED: May 7, 2026 at 5:00 AM PDT | UPDATED: May 7, 2026 at 2:22 PM PDT

NEWARK — A Newark hotel that flopped into foreclosure last fall was bought by a local investor with experience in the hospitality sector.

Ashok Goyal, a real estate investor based in Santa Clara, led a group that bought the 112-room Hyatt Place Newark/Silicon Valley hotel for just under $19.8 million, according to documents filed on May 6 with the Alameda County Recorder’s Office.

The Goyal group obtained the hotel at 5600 John Muir Dr. at a relatively modest $176,300 a room.

The purchase was arranged by executives with Atlas Hospitality Group, which tracks the California lodging market.

“Recently constructed hotels that have not yet reached stabilization require a very specific buyer profile,” said Justin Myers, a vice president with Atlas Hospitality. “We focused our efforts on identifying experienced hotel operators and investors that recognized both the operational upside and long-term strength of the Silicon Valley lodging market.”

The buying group fit that profile.

“Ashok Goyal has been a hotelier for a number of years,” Myers said. “He has experience in the hospitality industry.”

In October 2025, State Bank of Texas seized the hotel through a foreclosure that valued it at $25.8 million, equal to the unpaid debt.

Shivam Real Estate had defaulted on the loan in June and lost the hotel through the foreclosure. The Shivam group was based in Fremont, state business records show.

Atlas Hospitality Group listed the hotel for sale at $21.9 million. In May 2025, the hotel was appraised at $41 million, according to industry sources familiar with the property’s history.

The hotel was constructed in 2023 and opened that year. Myers said the hotel’s relative newness was a magnet for prospective buyers.

“The hotel is not your typical Hyatt Place that is limited service,” Myers said. “It was constructed as more of a full-service hotel. It has a significant amount of meeting space.”

That is drawing interest from groups that want to take advantage of the additional facilities.

“The new owners are already getting calls from groups that are interested in the meeting space,” Myers said.

The buyer intends to continue operating the property under the Hyatt Place flag, according to Atlas Hospitality Group.

The new ownership group will launch initiatives that focus on occupancy growth, increased average daily room rates, and long-term profitability, Atlas stated.

The deal suggests that investors still hunger for hotels in the right locations, according to Atlas Hospitality.

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“The transaction reflects continued investor demand for well-located hospitality assets throughout Northern California, particularly opportunities offering operational upside within high-barrier-to-entry markets,” Atlas Hospitality stated in an email the company sent to this news organization.”