January 14, 2020
China-based Han’s Holdings Group has sold the Hilton San Jose to an undisclosed buyer for nearly $118M.
The downtown San Jose hotel is connected to the San Jose McEnery Convention Center, and sold unencumbered of an existing management agreement.
A JLL team of John Strauss and Mark Fraioli led the transaction team.
The 353-room, 18-story hotel located at 300 Almaden Blvd. is also near the San Jose Performing Arts Center, San Jose State University, the SAP Center and Levi’s Stadium.
Acoording to JLL’s Fraioli, ““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. This hotel represented a rare opportunity for an investor to acquire a high-profile, full-service property in the heart of Silicon Valley.”
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