SAN JOSE — A hotel in San Jose that was bought in June through a court-supervised bankruptcy auction is already back on the sales block, according to a marketing brochure this news organization obtained.
Four Points San Jose Airport was bought in June by a venture that paid $38.6 million for the property, a 196-room hotel at 1471 N. Fourth St. in north San Jose, Santa Clara County property records show.
An alliance of Santa Monica-based Beachpoint Capital Management and Pasadena-based ASAP Holdings bought the hotel, according to the documents filed with the Recorder’s Office.
“We were drawn to the hotel’s great location in Silicon Valley,” said Frank Yuan, chief executive officer with ASAP. “This is a top market.”
The new owners also were planning to undertake a rebranding of the hotel as a Courtyard by Marriott, according to Yuan.
“Marriot is on board with the rebranding,” Yuan said.
Now, however, it appears that a top priority on the part of the current owners is to find a buyer for the property, which is in a choice location in north San Jose’s bustling tech and airport markets. Hunter Hotel Advisors prepared the sales flyer and is seeking a buyer.
“Prospective buyers have the opportunity to convert the Four Points to a Courtyard franchise, one of the highest performing brands in the industry and Marriott portfolio,” Hunter Hotel Advisors stated in the marketing brochure.
The sales package also hinted that a Courtyard by Marriott could oblige…