By Meghan Hall
Investment continues into Bay Area properties, even into the struggling hotel sector. In a deal that closed this week, Santa Clara’s The Plaza Suites Hotel was purchased for $72.5 million by Paradigm Hotels Group. An affiliate of Paradigm Hotels known as Peninsular Investments acquired the property, according to The Mercury News.
Located at 3100 Lakeside Drive, the asset has 219 rooms, bringing the price per room to about $331,000. According to the hotel’s website, the property is currently undergoing renovations, and will reopen in the coming months.
“We offer an experience to our guests that reflects respect for both people and planet. We share your desire to stay one step ahead of the curve,” states the hotel’s website. “Renewable wind energy powers the property; while in the kitchen our ethically crafted fare provides fuel for the body and soul.”
Common area amenities include a 24-hour fitness center, video game arcade, bar and lounge, heated pool and more. Rooms offer a bedroom with separate living room, a work desk, full-use refrigerator and pull out sofa. Some suites come equipped with IHome wireless, soaking tubs and other VIP amenities.
The property is near a wide variety of major attractions and employers, including Levi’s Stadium, Fujitsu,, Amazon, Yahoo and Intel. Slightly further away are companies such as Apple. Cisco, Google and Dell are also all located nearby. The hotel is 10 minutes from downtown Santa Clara and San Jose, 45 minutes from San Francisco and two hours from Napa.
Paradigm Hotels Group, founded in 1996, is based in San Francisco. The firm is a privately-held hotel and commercial real estate company, and its current portfolio consists of select-service, mid-scale and full-service hotels in popular markets in California. Its hotels are managed by a number of major brands, including Hilton, Hyatt, IHG and Virgin Hotels.