Throckmorton Partners, a Mill Valley-based company, recently acquired the southern tower of Signia by Hilton San Jose for $73.1 million in an all-cash transaction. The purchase was made through one of Throckmorton’s affiliates. According to reports from the San Jose Mercury News, the hotel’s former southern tower will now be leased to San Jose State University as student housing.
The hotel, previously known as Fairmont and currently owned by a group led by Eagle Canyon Capital CEO Sam Hirbod, has seen significant improvements in its occupancy rates since downsizing from 805 rooms to over 500 at its location on 170 S. Market St downtown – making it still Silicon Valley’s largest hotel.
With proceeds from this sale going towards future developments and upgrades for Signia by Hilton San Jose under new ownership with Throckmorton Partners , Hirbod stated that plans include adding additional services such as a Business Club Lounge and another restaurant; with potential additions like a health spa when business conditions allow for it according to sources close to Mercury News . This transition is expected bring positive changes for both students and visitors alike at this popular destination in California’s tech hub city.
