Magna Hospitality Acquires Hotel In San Jose For $21M

The Hotel located at 5190 Cherry Avenue in San Jose, CA has been sold in a transaction that closed on September 26, 2022. The property was purchased by Magna Hospitality from Arcadia Development for a sale price of $21,000,000.

Summary of transaction details

• Property Type: Hotel
• Transaction Amount: $21,000,000
• Address: 5190 Cherry Avenue, San Jose, CA
• Buyer: Magna Hospitality
• Seller: Arcadia Development
• Number of Keys: 115
• Price per Key: $182,609

Magna Hospitality, a prominent buyer in the hospitality industry, successfully acquired the hotel property located in San Jose, CA, from Arcadia Development. This transaction highlights Magna Hospitality's continued investment in the hotel market and their commitment to expanding their portfolio in key locations. Arcadia Development, a respected seller in the real estate industry, found a buyer in Magna Hospitality that recognized the value of the hotel asset and was willing to meet their asking price.