1727 Technology Drive Property Owner Acquires Hotel From Chris Bilotto For $14M In San Jose

The asset involved in this transaction is a hotel located at 1727 Technology Drive in San Jose. The sale price of the hotel was $14,000,000. The property, known as the Sonesta Select San Jose Airport hotel, features 151 rooms, with a price per key of $92,715.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $14,000,000
• Buyer: 1727 Technology Drive Property Owner
• Seller: Chris Bilotto - Service Properties Trust
• Market: San Jose
• Keys: 151
• PPK: $92,715

Seller Service Properties Trust, managed by The RMR Group, is divesting 114 hotels for a total of $920M to reduce debt and refocus on urban and leisure assets.