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Downtown San Jose Hotel Sells For Over $223M

Downtown San Jose Hotel Sells For Over $223M
The Fairmont Hotel in Downtown San Jose

UPDATE, JAN. 3, 11:55 A.M. PT: The final purchase price for the sale of the Fairmont Hotel in San Jose was $223.5M, according to The Mercury News

ORIGINAL STORY:

Another San Jose hotel will be under new ownership.

San Ramon-based Eagle Canyon Capital has bought the 805-room Fairmont Hotel, The Mercury News reports. Maritz, Wolff & Co., the primary owner, bought the hotel on 170 South Market St. in 1996, days before the hotel was to reach foreclosure, according to Maritz, Wolff principal executive Lew Wolff.

The last half of 2017 has been very active for the hospitality sector in San Jose with several hotels changing hands, including the Holiday Inn off 1350 North First St., Blackstone Group’s purchase of Hyatt Place and Aju Hotel’s acquisition of Westin San Jose.

Maritz, Wolff and the owning partnership built a 13-story, 264-room annex, which opened in 2002. The sale will include all hotel components, but not the ground-floor retail and restaurants. The sale also does not include an underground parking garage.