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1/14/20
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Hilton San Jose, a 353-room hotel in downtown San Jose, sold for $117.55 mil, or $333k/room. The hotel, which transferred unencumbered of an existing management agreement, was sold by Han’s Holdings Group Ltd.
The 18-story Hilton San Jose is connected by a skybridge to the 550k sf San Jose McEnery Convention Center. The hotel features 18.4k sf of meeting and event space, an outdoor pool, 24-hour fitness center, business lounge and the Affinity Restaurant & Bar.
Situated at 300 Almaden Blvd, the hotel’s downtown San Jose location places it in the heart of Silicon Valley and near multiple demand drivers, including the San Jose Performing Arts Center, San Jose State University, the SAP Center and Levi’s Stadium, along with more than 10 msf of office space.
John Strauss and Mark Fraioli with JLL Hotels & Hospitality led the JLL team representing the seller in the transaction.
“Hilton San Jose is proximate to a plethora of Fortune 1000 corporations, including some of the most recognizable names in technology today,” Strauss said. "Moreover, San Jose is in the midst of an urban renaissance with millions of square feet of new office space in the pipeline."
“Hotel development opportunities in Silicon Valley are limited and challenging due to the general lack of available sites, lengthy entitlement process, extremely high labor costs and competition from other commercial real estate uses,” Fraioli added. “This hotel represented a rare opportunity for an investor to acquire a high-profile, full-service property in the heart of Silicon Valley.”
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