Shenzhen, China-based Han’s Holdings Group sold the 353-room Hilton San Jose (Calif.) for $117.55 million. JLL arranged the sale on behalf of the seller.
The 18-story Hilton San Jose is connected by a skybridge to the 550,000-square-foot San Jose McEnery Convention Center. The hotel features 18,375 square feet of meeting and event space, an outdoor pool, a 24-hour fitness center, a business lounge and a restaurant and bar. It is located in the heart of San Jose, near multiple demand drivers, including the San Jose Performing Arts Center, San Jose State University and Levi’s Stadium.
“Hotel development opportunities in Silicon Valley are limited and challenging due to the general lack of available sites, lengthy entitlement process, extremely high labor costs and competition from other commercial real estate uses,” JLL EVP Mark Fraioli said in a statement. “This hotel represented a rare opportunity for an investor to acquire a high-profile, full-service property in the heart of Silicon Valley.”
JLL’s Hotels & Hospitality Group has completed more than $63.2 billion in transactions worldwide over the past five years.