Carey Watermark Investors 2 (CWI 2) has announced its acquisition of the newly renovated San Jose Marriott for $154 million, or $302,000 per key. An additional $5.8 million has been tacked onto the deal to cover capital expenditures and other residual costs. Located downtown, the 510-room hotel benefits from significant corporate demand by Silicon Valley businesses, boasting 23,000 square feet of meeting and event space. The property is also located in close proximity to the San Jose Mineta International Airport and other city attractions.
Built in 2004, the 27-story hotel has received $10 million in upgrades since 2014, including softgoods touchups to guestrooms and corridors, the addition of four guestrooms, and an overhaul of the lobby. Three onsite dining options, a concierge lounge, business and fitness centers, and an outdoor pool are also included.