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.
In some cases, hotels in both Oakland and San Jose have been bought at prices that reflect sharply declining property values.
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