SAN JOSE — Three Bay Area hotels are part of a coast-to-coast lodging deal priced at $3.8 billion that gives one hotel in the transaction, the Marriott in downtown San Jose, a value that tops more than $200 million.
At that per-key price, the 510-room San Jose Marriott at 301 S. Market St. in downtown San Jose could be valued at $245 million. “This transaction shows how Brookfield anticipates a strong recovery for the higher-end hotels in the Bay Area and Silicon Valley and the return of the corporate traveler,” said Alan Reay, president of Irvine-based Atlas Hospitality Group, which tracks the Bay Area lodging sector.
The hotel business in resort areas such as the Wine Country and Big Sur have roared back, with hotels in those two high-end regions commanding record prices per room in multiple instances.The transaction was scheduled to be completed sometime during the October-through-December fourth quarter of this year, the two companies stated.
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