San Jose, CA – July 18, 2016 – Hodges Ward Elliott (“HWE”), the world’s leading independent hotel brokerage and investment-banking firm, with offices in New York, Atlanta, Los Angeles and London, is announcing the sale of the San Jose Marriott, a 27-story hotel in the heart of Silicon Valley, on behalf of the owner.
The downtown San Jose based property was sold for $154 million to Carey Watermark Investors 2 Incorporated (CWI 2), a non-traded real estate investment trust focused on investing in lodging and lodging-related properties.
Mark Elliott, President of Hodges Ward Elliott, represented the seller in the transaction.
The asset, built in 2004 and recently renovated with over $10 million of capital improvements, includes 510 guestrooms as well as 23,000 square feet of meeting and event space, three food and beverage outlets, a concierge lounge, business center, fitness center and outdoor swimming pool.
“The San Jose Marriott is an outstanding asset when you combine the quality of the hotel and its downtown location right in the heart of one of the most sought-after Silicon Valley regions,” said Mr. Elliott. “We were able to identify a quality buyer, one we have worked with on other acquisitions. Our team is thrilled to have led the effort on completing the sale of this incredible property located in the world-class San Jose neighborhood.”
The San Jose market continues to be one of the nation’s highest growth markets for technology which also fuels the demand for lodging. The hotel benefits from a convenient downtown San Jose location with a direct connection to the McEnery Convention Center as well as close proximity to San Jose State University, the Tech Museum of Innovation, the San Jose Museum of Modern Art and the SAP Center, home of the NHL’s San Jose Sharks.