Mill Valley-based Throckmorton Partners, acting through an affiliate, paid $73.1 million to buy the southern tower of the Signia by Hilton San Jose in an all-cash deal, the San Jose Mercury News reported. Throckmorton will lease the hotel’s former southern tower to San Jose State University for use as student housing.
The hotel, formerly the Fairmont and now owned by a group led by Eagle Canyon Capital chief executive Sam Hirbod, has greatly improved its occupancy level after dropping in size from 805 keys to 500-plus at 170 S. Market St. downtown, reported the Mercury News. Reportedly it’s still the largest hotel in Silicon Valley.
With proceeds from the sale to Throckmorton, “We plan to add other services such as a Business Club Lounge, an additional restaurant, and when the business environment supports it, a health spa,” Hirbod told the Mercury News. “The restaurant and lounge will be part of the immediate plan.”
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Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
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Read MoreConnect CREMill Valley-based Throckmorton Partners, acting through an affiliate, paid $73.1 million to buy the southern tower of the Signia by Hilton San Jose in an all-cash deal, the San Jose Mercury News reported. Throckmorton will lease the hotel’s former southern tower to San Jose State University for use as student housing. The hotel, formerly the …
The post San Jose Hotel’s Southern Tower Will Transition to Student Housing appeared first on Connect CRE.