A San Jose hotel that’s part of a four-hotel purchase package has been bought in a deal whose final price wound up at just under $16 million.
SAN JOSE — A San Jose hotel that’s part of a four-hotel purchase package has been bought in a deal whose final price wound up at just under $16 million, documents filed with Santa Clara County officials show.
Rhode Island-based Magna Hospitality also obtained a ground lease for the land beneath the hotel, according to the county public filing. “Magna Hospitality is a good company and a good operator,” Reay said. “This is a good play by Magna especially when you are talking about newer products like this.” Magna Hospitality, to help bankroll its purchase of the four hotels that included the San Jose lodging complex, obtained $77.5 million in financing from Western Alliance Bank, the county documents show.
“Magna continues to focus on value-add hotel investment opportunities exclusively within the lodging sector,” the web post states.
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