The beneficiary is a joint venture Pacific Coast Capital Partners and DiNapoli Capital Partners, two California-based real estate investment firms. PCCP vice president Rob Cohen, who declined to confirm or comment on the sale price, tells GlobeSt.com that the price paid will allow the JV to fully renovate the property and still offer lower room rates than some of its neighbors, such as the new Marriott and the Fairmont, both of which flank the convention center.
Located at 282 Almaden Blvd., Crowne Plaza San Jose is one of only a few major hotels within walking distance of the convention center. Amenities include a business center, fitness center, sauna, a restaurant and sports bar and 6,643 sf of meeting space. Additionally, the hotel includes an adjacent four-story parking structure with 244 spaces.
"Within two years, we believe we will have a fresh, well-managed hotel catering to the business traveler in the heart of the 10th largest city in the country," he says.
DiNapoli Capital Partners is the experienced operating partner that will make it happen, says Cohen. The firm was established by F. Matthew DiNapoli, a founding principal of the Marritz-Wolff Hotel Equity Funds. PCCP provides debt and equity capital for real estate in the western US.
Meristar has spent the last two years culling its portfolio in an effort to own only larger assets with significant meeting space operated under major brands in urban or high-end resort locations. From January 2003 to October 2005, the company disposed of 40 hotels with 9,052 rooms.
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