A historic hotel in downtown San Jose was sold for roughly half the price of its previous ownership transfer.
SiliconValley.com reported the Hotel De Anza was acquired for $11.5 million by an ownership group led by Dhaval Panchal, a Northern California hotelier. The hotel last changed hands in 2014 when it was acquired by an affiliate of Lowe’s Enterprises for $20.4 million – a 43.6% price difference. The sale price for the Hotel De Anza was also 54% below the hotel property’s value of $25.2 million, as per a January estimate by the Santa Clara County Assessor’s Office.
Built in 1931 and offering a stylish Art Deco design, the 10-story, 100-room Hotel De Anza faced demolition in the 1970s after it fell into disrepair. The San Jose Redevelopment Agency arranged for its reconstruction, and in 1982 it was added to the National Register of Historic Places. Prior to its sale, the hotel was operating under the Destination by Hyatt brand, but in May it was shuttered due to what management described as “the effects of unexpected maintenance.” The hotel was supposed to reopen in June but remains closed.
Photo: EugeneZelenko / Wikimedia Commons
;
I am glad we were in real estate long ago and far away, before crazy inflations and grandiose investment ideas started and went on and on. Thank God or whoever that we
stayed our course, Harvard Business Review KISS always, no greed. We generally sleep at night. And dear Warren Buffett, Steady holds the course, as in blonds wearing black and moving forward through daily Halloween. The painters left and I have two days of sorting, throwing and putting back. I am too tired to scream, again I found unexpected items..
Thank you for another Halloween real estate message. I am seeing more of that here now too. Only time for bargain shoe shopping and groceries now.