January 2016 Carey Watermark Investors 2 Incorporated, a non-traded real estate investment trust, has acquired the 510-room San Jose Marriott for $154 million, or $302,000 per key.
The 27-story hotel has had $10 million in upgrades the last two years, including the renovation of the hotel lobby, addition of four guestrooms and updates to the public space and concierge lounge. The hotel has 23,000 square feet of meeting and event space, and three food and beverage outlets, including Michael Mina’s Arcadia American Steakhouse.
The hotel at Market and San Carlos streets first opened in 2004. It received the Jim Fox Golden Nail Award for exemplary design in 2011.
CBRE, the previous owner, purchased the hotel in May 2013 for $85.3 million.