Carey WatermarkInvestors 2 Inc. completed a $154 million acquisition of the San JoseMarriott hotel, in order to take advantage of the limited supply of institutional-qualityassets in the Silicon Valley market.
The transaction amount works out to $302,000 per key and thedeal was financed with $88 million of senior debt. The total investmentin the project, meanwhile, amounts to $159.8 million, including $5.8 million ofplanned CapEx and other acquisition-related costs.
Located in downtown San Jose, Calif., the 27-story hotel has510 guestrooms and it recently underwent a renovation. It also offers 23,000 squarefeet of meeting and event space, among other things.