1740 North First St owners buy North San Jose hotel
The owners of Bay 101 just purchased the San Jose Airport Garden Hotel, a property located next door to their card-room competitor, Casino M8trix.
A Bumb & Associates subsidiary acquired the 17-acre property at 1740 North First St. for “north of $20 million,” said Brian Bumb, whose family owns Bay 101 and the San Jose Flea Market. The Bumb entity purchased the hotel on Nov. 9 from GE Capital, which acquired the hotel in 2009 after its previous owner filed for bankruptcy.
The purchase creates the potential that two casinos could compete on the same street. Bumb says the family has no immediate plans to move its card room there – at least for now.
“Our current plans are to leave it as a going concern,” said Bumb, who added that the Bay 101 card room, currently located across Highway 101 from the hotel, has several years left on its lease. “It’s a possibility, but you’re talking about quite an investment to rebuild.”
The San Jose Airport Garden Hotel’s operator, Rim Hospitality, will continue to manage it, Bumb said. The hotel is a former Holiday Inn.
The purchase is the second big transaction of late for the Bumb family. Bumb & Associates recently sold 10 acres of the 120-acre San Jose Flea Market to KB Home, which plans to develop 243 homes on the land.
Real Estate Reporter-
Silicon Valley Business Journal