InfiniPower Hospitality has received $54M toward the development of a Marriott co-branded 261-room hotel in North San Jose. The project includ es a 147-room Residence Inn and a 114-room Fairfield Inn & Suites by Marriott.
The 60-month fixed and floating structured financing includ ed $19M in preferred equity from Canyon Partners. About $35M was provided by senior lender CapitalSource. CBRE Capital Markets’ Debt & Structured Finance Executive Vice President John Nelson and Erik Franks arranged the construction financing on behalf of InfiniPower.
“The continued expansion of the technology center is driving not only office growth in San Jose, but also hotel demand,” InfiniPower Hospitality Group founder Devang Shah said. “This project will meet this demand and will become a key component to the America Center.”
The hotels will be on America Center Court, near the America Center Office Park in the Golden Triangle area of Silicon Valley. It is close to highways 237, 101 and 880.
The 166K SF four-story building will includ e an outdoor pool and patio with a fire pit, a fitness center, a bar, a complimentary breakfast area, guest laundry facilities, a 24/7 sundry shop, 1,200 SF of meeting space and a business center. The Residence Inn will contain 124 king studios, 19 one-bedroom suites and four two-bedroom suites with fully equipped kitchens, separate dressing areas and a six-foot walk-in shower. The Fairfield Inn & Suites will offer 30 king rooms, 34 king suites and 50 double queen rooms with mobile desks and ergonomic chairs, refrigerators, microwaves and coffee makers.
Johnson Hospitality Group will manage the property and is an investor in the project through an affiliate. Huff Construction will be general contractor.
This Marriott co-branded hotel will become one of a handful of new hotels coming to San Jose. Other hotels headed to San Jose includ e The Montgomery Hotel expansion, which will add a 24-story Tribute Hotel Tower, and a Choice Hotel is expected to open in 2018.