(EDITOR’S NOTE: The price per room was just over $333,000. The buyer of the property was Chicago-based GEM Realty Capital, according to public records filed with the county.)
SAN FRANCISCO – JLL Hotels & Hospitality announced today that it has closed the $117.55 million sale of the 353-room Hilton San Jose in downtown San Jose on behalf of the seller, Han’s Holdings Group Ltd.
Senior Managing Director John Strauss and Executive Vice President Mark Fraioli led the JLL team on the transaction. The hotel was sold unencumbered of an existing management agreement.
The 18-story Hilton San Jose is connected by a skybridge to the 550,000-square-foot San Jose McEnery Convention Center. The hotel features 18,375 square feet of meeting and event space, an outdoor pool, 24-hour fitness center, business lounge and the Affinity Restaurant & Bar. Situated at 300 Almaden Boulevard, 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 million square feet of office space.
“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.”
JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totaling more than $63.2 billion worldwide. The group’s 350-strong global team in over 20 countries also closed more than 5,420 advisory, valuation and asset management assignments. Our hotel valuation, brokerage, asset management and consultancy services have helped more hotel investors, owners and operators achieve high returns on their assets than any other real estate advisor in the world.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.