SAN JOSE, Calif.
An investment group headed by Oakland A's owner and realty entrepreneur Lew Wolff has snapped up the Sainte Claire hotel, a purchase that signals rising confidence by investors in downtown San Jose.
"Cities like San Jose and Oakland are in the path of growth," said Wolff, a principal executive with Los Angeles-based Wolff Urban Development, in explaining some of the reasons behind the purchase. "San Jose has a fairly strong downtown,” he said, and “the Sainte Claire is in good shape. The previous owners left it well renovated."
The company paid around $17 million to $18 million for the 171-room hotel, according to industry sources familiar with the deal. The six-story hotel was built in 1926 and is in the National Register of Historic Places.
The Wolff group bought the hotel from Larkspur Hotels & Restaurants in Marin County. Wolff and his partners also own the Fairmont San Jose, just up the street. The two hotels combined have nearly 1,000 rooms. The Fairmont San Francisco, perched atop Nob Hill, also is owned by Wolff Urban Development, through an affiliate.
