Marcel Verbaas Of Xenia Hotel And Resorts Acquires Land In Santa Clara For $25M

The property involved in this transaction is land located at 5101 Great America Parkway in Santa Clara. The sale price for this asset was $25,000,000. The land acquisition by Xenia Hotel and Resorts involves eliminating a ground lease that was set to expire in 2035 with escalating rent, thereby granting the buyer full fee simple ownership, which contributes to long-term asset value and control.

Summary of transaction details:

• Property Type: Land
• Transaction Amount: $25,000,000
• Buyer: Marcel Verbaas - Xenia Hotel and Resorts
• Seller: City of Santa Clara

Marcel Verbaas represented Xenia Hotel and Resorts in this transaction, acquiring the land from the City of Santa Clara's redevelopment successor agency. This deal enhances the asset management capabilities for XHR, ensuring complete ownership over the property where the Hyatt Regency Santa Clara is situated.