The 229-room Sheraton San Jose Hotel at 1801 Barber Lane sold for $20.1 million on Aug. 22, a price 47% below its January assessed value of $38.1 million. A buyer group led by Bay Area entrepreneur Jayaprasad Vejendla completed the purchase, according to state and county records. The property was built in 1988 and renovated in 2015, with on-site amenities including a health club, jogging trails and an outdoor pool. The sale occurs amid persistent weakness in the Bay Area hotel market, where foreclosures have affected hotels in downtown Oakland, San Jose, and San Francisco and some properties have sold at sharply reduced values.
MILPITAS - The 229-room Sheraton San Jose Hotel was bought for $20.1 million, according to documents filed on Aug. 22 at the Santa Clara County Recorder's Office, well below the property's assessed value. The purchase price for the hotel at 1801 Barber Lane, near the interchange of Interstate 880 and Montague Expressway, was 47% below its assessed value of $38.1 million as of January, according to county real estate documents.
A group headed up by Bay Area business entrepreneur Jayaprasad Vejendla bought the hotel, state and county public records show. It was built in 1988 and renovated in 2015, according to Travel Weekly. On-site amenities include a health club, jogging trails and an outdoor pool. The purchase of the Sheraton San Jose Hotel arrives at a time of persistent weakness in the Bay Area hotel market. Foreclosures have haunted hotels in downtown Oakland, San Jose, and San Francisco.
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