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9/11/14
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Lowe Enterprises Investors (LEI) has acquired the historic Hotel De Anza in San Jose on behalf of an investment client. The 100-room, 10-story hotel is located at 233 W. Santa Clara St, in the heart of the city’s downtown area. Concurrent with the sale, LEI affiliate, Destination Hotels, will take over the hotel management and will continue to operate the property as an independent, boutique hotel.
“The Hotel De Anza is a beloved local landmark in an unrivaled location in downtown San Jose. The property presents an opportunity for us to make physical and operational improvements and position the hotel to remain a leader in a strong market,” said Bleecker P. Seaman, co-CEO of LEI.
Listed on the National Register of Historic Places, the Hotel De Anza opened in 1931 and was renowned for its architecture as well as its social element, drawing celebrities and political figures as guests. The 25-foot “diving lady” mural painted on the west side of the building in 1951 to advertise the heated pool remains a local landmark as does the rooftop neon sign.
The Hotel De Anza was last renovated in 1990 by De Anza LLC, the family ownership group that owned and operated the property for the last 24 years. LEI plans a comprehensive update of the property to include guest rooms, lobby, common areas, restaurants, fitness center and meeting facilities.
The AAA-Four Diamond Hotel is ideally located to appeal to both business and leisure travelers. It is within easy walking distance of the convention center, SAP Center arena, the downtown business district and the popular San Pedro Square entertainment district and is just three miles from the San Jose Airport.
Russell Munn of Lowe Enterprises Investors and Chris Miller of Lowe Hospitality Group led the acquisition team. Henry Bose and Mark McDermott of CBRE represented the seller.
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