The 229-room Sheraton Marriott San Jose has been sold in a deal facilitated by Paramount Lodging Advisors.
PLA was exclusively engaged to represent the seller in the transaction of the 229-room full-service property, which reportedly sold for roughly $20 million and is located in Silicon Valley. The marketing efforts were led by managing director, Subu Thiagarajan, out of Paramount Lodging Advisors’ California office.
“We were pleased to close another unique sale of the 229-room Sheraton Marriott San Jose, CA, which marks another strategic milestone in key gateway markets, as the Silicon Valley Hospitality Market remains poised for a rebound,” Thiagarajan said in a statement.
Thiagarajan added, “This transaction marks a compelling acquisition for a local Silicon Valley investor, secured at a meaningful discount to replacement cost. With substantial renovations planned, including a full reimagining of the public spaces and meeting areas, this asset offers a distinctive value-add opportunity with strong upside potential.”