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Dow Hotel-Led Venture Buys Holiday Inn Near San Jose Airport

New Ownership Venture to Invest $15 Million in Capital Upgrades to 354-Room Hotel
December 19, 2017
Seattle-based hotel owner/operator The Dow Hotel Co. (DHC) partnered with True North Management Group out of White Plains, NY to acquire the 354-room Holiday Inn San Jose-Silicon Valley for $61.75 million, or approximately $174,000 per key.

The nine-story hotel was completed in 1974 and last traded in 2015, when Korean firm Aju Hotels & Resorts bought it for $53.45 million, according to CoStar information. DHC has allocated $15 million for renovations to the hotel exterior, on-site restaurant and lounge, amenities, entrance and select guestrooms, and will operate the hotel moving forward.

“This multi-million-dollar renovation will bring the hotel to ‘like-new’ status, making it one of only two upper upscale, full-service hotels in the marketplace,” said Murray L. Dow II, founder and president of Dow Hotel Co. “With its large room count and ample meeting space, the hotel is ideal for gatherings of virtually all sizes, from small family get-aways to hosting larger scale sports team playing in the area.”

The Holiday Inn San Jose-Silicon Valley is located at 1350 N. 1st St. just off I-880 and slightly more than one mile from Mineta San Jose International Airport in the South Bay's San Jose Airport submarket. Situated in close proximity to San Francisco, Santa Cruz, Levi Stadium and the Pacific Coast Highway, the hotel offers nearly 13,000 square feet of flexible meeting space, including a 10,220-square-foot ballroom, as well as a recently renovated fitness center and an outdoor pool and fire pits.

For more information on this transaction, please refer to CoStar COMP #4074206.
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