SANTA CLARA, CA-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that Orlando-based Inland American Lodging Group Inc., a wholly owned subsidiary of Inland American Real Estate Trust Inc. has purchased the 14-story, 501-room Hyatt Regency Santa Clara in Santa Clara, Calif., for approximately $93 million or $185,000 per key. The total purchase price may increase to $100 million if certain performance thresholds are achieved at the hotel.
A Hyatt affiliate will continue to manage the hotel under a new management agreement. The property is being acquired subject to a long-term ground lease and related agreements with the city of Santa Clara, which, among other things, grant the hotel priority use of the convention center as well as other nearby recreational amenities.
In addition to its 60,000 square feet of flexible meeting space and direct connection to the 302,000-square-foot convention center, the hotel is within a mile of Levi's Stadium, a 1.9-million-square-foot, state-of-the-art sporting and entertainment venue that is currently under construction and slated to be completed in 2014. The new home of the San Francisco 49ers football team, Levi's Stadium will also host Super Bowl 50 in early 2016.
GlobeSt.com will update this story with thoughts from Marcel Verbass, president and CEO of Inland American Lodging Advisor Inc.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
