UPDATED AUG. 27, 2024 at 3:30 p.m.:
The Hotel De Anza, an Art Deco landmark in Downtown San Jose for 91 years, is up for sale, with one estimate for the price as high as $35 million.
The 100-room hotel at 233 West Santa Clara Street is going on the market, the Silicon Valley Business Journal reported, citing an unidentified real estate source.
The Jazz Age hotel could sell in the low to mid-$30 million range, according to the source. At $35 million, the cost would be $350,000 per room.
Brokerage firm Newmark’s Lodging Capital Markets division, based in New York, is handling the pending listing.
The hotel is managed by Hyatt Hotels, based in Chicago.
The Hotel De Anza, known for its glowing rose neon rooftop sign, is a signature landmark for the South Bay city.
The 10-story hotel opened in 1931 at the behest of business leaders who aimed to transform the reputation of a town then known for cherry and plum orchards.
The Zig Zag Moderne hotel, designed by W.H. Weeks, features a zig-zag parapet and a two-story lobby and a wrought-iron chandelier and balconies. A 25-foot mural of a woman diver nicknamed The Diving Diva has graced its west-facing wall since 1951.
The hotel that once drew the likes of First Lady Eleanor Roosevelt, boxing great Jack Dempsey and jazz icon Cab Calloway was almost demolished in the 1970s, then saved by the city’s redevelopment agency.
In 1982, it was added to the National Register of Historic Places. Four years later, it was renovated by Barry Swenson, grandson of the hotel’s builder, Carl Swenson. In 2015, the hotel completed a major renovation of its guest rooms, meeting spaces and common areas.
Lowe bought the De Anza Hotel on behalf of a “large state pension plan,” according to the Business Journal and its unidentified source. The pension plan then handed management of the property to Hotel Asset Value Enhancement, an asset manager based in Rhode Island.
Correction: Previous headline misidentified Lowe Enterprises as the potential seller.
— Dana Bartholomew
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