SAN JOSE, CA—The San Jose Marriott Hotel has sold to CBRE Strategic Partners U.S. Value 6, a fund sponsored by CBRE Global Investors. The 506-key, class-A hotel located at 301 S. Market St. sold for less than replacement cost. Terms of the deal were not released.
The full-service hotel is the newest hotel property in the area, and ideally located near the San Jose Convention Center and the San Jose International Airport.
“The Silicon Valley lodging market is fed by strong corporate demand from the significant concentration of high-tech companies in the region,” said Vance Maddocks, president of CBRE Strategic Partners U.S., in a statement. “With strong current cash flow, the San Jose Marriott, in particular, is an attractive business hotel with an added benefit of being directly connected to the now-expanding San Jose convention center.”
Hotel amenities include a swimming pool, fitness center, business center and 23,000 sq. ft. of meeting space.
SCS Advisors will manage the property. CBRE Strategic Partners U.S. plans to do some renovation work on the property.