Lowe Enterprises Investors just bought the historic Hotel De Anza in downtown San Jose for one of its clients. Interest was very strong, with more than 15 bids rolling in, sources tell us. The hotel, last updated in 1990, will undergo a $5M top-to-bottom remodel, we're told. Lowe affiliate Destination Hotels will take over hotel management. The 100-room, 10-story hotel at 233 W Santa Clara presents an opportunity to position the hotel to remain a leader in a strong market, says Lowe co-CEO Bleecker Seaman, above. Listed on the National Register of Historic Places, the Hotel De Anza opened in 1931 as an architectural masterpiece, drawing celebrities and political figures as guests.

The 25-foot “diving lady” mural painted on the west side of the building in 1951 to advertise the heated pool remains a local landmark as does the rooftop neon sign. The sale ends an era, with three generations of De Anza's families having worked on or at the hotel—and the sellers wanted the new owner to preserve the hotel for the long run. Lowe's update will cover the guest rooms, lobby, common areas, restaurants, fitness center, and meeting facilities. The AAA-Four Diamond Hotel is within walking distance to the convention center and SAP Center arena. In Silicon Valley, Lowe is also busy with the 730k SF Centennial Gateway mixed-use entertainment center with JV partner Montana Property Group.