Hyatt Place San Jose Downtown sold to the Blackstone REIT for $65 million, or about $275,000 per room. Ultima Hospitality purchased the 236-room hotel at Almaden Boulevard and San Carlos Street at the end of 2014 for $43 million from DiNapoli Capital Partners.
Westin San Jose (Sainte Claire), paying $64 Aiu Hotel Silicon Valley, an offspring of the Korean-based Aiu Hotels and Resorts, acquired the 171-room million or $376,000 per room. SCH Hotel, an affiliate of Los Angeles-based Wolff Urban Development, acquired the property at 302 S. Market St.in in 2011 for $17 million.
In the hot downtown hospitality San Jose market, the 210-room AC Marriott and boutique 44-room Clariana Hotel have both opened this year, and plans are percolating for the Tribute Hotel – 279-room addition to the Sheraton Four Points (former Montgomery) hotel – and a 189-room Kimpton Hotel at the proposed Museum Place near The Tech.