HREC Investment Advisors arranged the sale of the 236-room Beverly Heritage Hotel located in Milpitas, Calif. The boutique hotel was acquired by HPT IHG-2 Properties Trust.
Bill Murney, SVP, and Scott Stephens, COO and senior principal, exclusively represented PHF Ruby during the transaction.
"Sonesta has been looking for a west coast presence, and the new Sonesta Silicon Valley provides that beachhead property," Murney said in a statement. "Sonesta will spend millions of dollars on renovating every part of the hotel to provide the first class accommodations they have built their reputation around."
The hotel has been renamed the Sonesta Silicon Valley San Jose. Hotel amenities include a business center, complimentary Wi-Fi, a heated outdoor swimming pool, fire pit, full-service restaurant, fitness center and complimentary parking. The property is also pet friendly.
The property is surrounded by the numerous corporate demand generators including many of the world’s largest technology companies, such as the headquarters for Cisco and the newly built Levi Stadium, home of the San Francisco 49ers and Super Bowl 50. The strength of the Silicon Valley economy has attracted new international and domestic routes to the Mineta San Jose International Airport (SJC), which also benefits the hotel
HREC is a lodging and gaming real estate advisory firm specializing in property sales, mortgage brokerage, equity/JV structuring, consulting (market studies and appraisals), and litigation support. The company has offices throughout North America.