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5/26/21
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The Plaza Suites, a 219-room hotel located at 3100 Lakeside Drive in Santa Clara, was acquired by an unnamed Bay Area investment company. The property was sold by Sierra Land Group, out of Glendale, CA.
First opened in 1991, The Plaza Suites is an independently operated, seven-story, all-suite hotel located on 2.8 acres. Amenities include an on-site restaurant and bar, 24-hour fitness center, gift shop, outdoor heated pool and spa, video game arcade and indoor/outdoor meeting spaces. The property also includes a separate, three-level above-ground parking garage.
The property is located at the corner of Lakeside Dr and Peterson Way, just off U.S. 101 near the intersection with Great America Pkwy. Thirty-six msf of Class A office space encircles the property, home to many large Silicon Valley employers that historically trigger significant corporate demand for hotel rooms. The Plaza Suites also attracts convention, group and leisure demand with its proximity to Santa Clara Square, the Santa Clara Convention Center, Levi’s Stadium and California’s Great America amusement park.
The hotel is currently closed as it completes a $9 mil renovation to all of its two-room guest suites. The program features brand new case goods, bedding, an exquisite bathroom with shower conversion, flooring, technology upgrades, entry doors, key system, art and a custom closet system. The seller had already invested nearly $6 mil over the past five years in other improvements, including a repositioning of the restaurant, bar and lobby space.
Henry Bose, Alex Lee-Bull, Elena Quach, Michael DiPrima and Diana Simpson with CBRE represented the seller in the transaction. A price was not immediately disclosed.
“The Plaza Suites garnered tremendous investor interest. Investors are feeling optimistic about the market’s recovery and the strength of Silicon Valley industries like tech and life sciences. This was also a rare offering: unencumbered by a national brand with a unique side by side all-suite configuration, in a location surrounded by multiple demand drivers,” Bose noted.
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