Throckmorton Partners, based in Mill Valley, 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 and the hotel will now be leased to San Jose State University as student housing.
According to reports from the San Jose Mercury News, occupancy levels at this downtown location have significantly improved since its previous ownership under Eagle Canyon Capital CEO Sam Hirbod. The hotel has reduced its number of rooms from 805 keys to over 500 and is currently considered Silicon Valley’s largest hotel.
Hirbod stated that proceeds from the sale will go towards enhancing services such as a Business Club Lounge, additional restaurant options, and potentially a health spa when market conditions allow for it. These upgrades are part of their immediate plans for the property.
The recent acquisition marks another transition for this Southern Tower which is set to become student housing instead of operating as a traditional hotel establishment. This development was reported by local news outlet Connect CRE.
