Search
 

MeriStar Sells Crowne Plaza San Jose

SAN JOSE, CA-The 239-room full service hotel sits across the street from the McEnery Convention Center. The sale price came in under $18 million, which is several million less than Meristar held the asset on its books. The new ownership includes Pacific Coast Capital Partners and DiNapoli Capital Partners.

By Brian K. Miller | Updated on January 04, 2006

SAN JOSE, CA-Publicly held Meristar Hospitality Corp. has sold the 239-room Crowne Plaza San Jose across from the McEnery Convention Center at a steep discount to its investment in the asset. Local industry sources familiar with the transaction tell GlobeSt.com the 30-year-old hotel sold for between $17 million and $18 million, which is less than half of replacement cost. Meristar acquired the nine-story property in 1998 for about $25.5 million and invested an additional $2 million in the property shortly thereafter.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.