Officials of The Dow Hotel Company (DHC) today announced the joint venture acquisition with an institutional investor of the 354-room Holiday Inn San Jose – Silicon Valley in California for an undisclosed amount. DHC also will operate the hotel and oversee an approximately $15 million renovation to upgrade the restaurant, exterior and entrance, as well as certain guestroom improvements.
“With its vibrant economy and numerous business and leisure demand generators, Silicon Valley continues to command some of the highest rates in the country,” said Murray L. Dow II, founder and president, DHC. “With our extensive experience in the Bay Area, we are confident the hotel will benefit from a capital influx and improved management and marketing systems as it regains its rightful place as the market and segment leader.”
Conveniently located at 1350 North 1st Street, the Holiday Inn San Jose – Silicon Valley is just over a mile from San Jose International Airport and proximate to San Francisco, Santa Cruz, Levi Stadium and the Pacific Coast Highway. The hotel’s spacious guestrooms feature luxurious new bedding and an enhanced bath experience. The hotel provides an outdoor pool, recently renovated and expanded fitness center and on-site laundry. The hotel also provides nearly 13,000 square feet of flexible meeting space, including a 10,220-square foot ballroom, that can accommodate up to 1,200 people. Guests are invited to dine at the property’s restaurant, featuring California cuisine for breakfast, lunch and dinner. Guests also can relax at the hotel’s lobby lounge or outdoor fire pits.
Highlights of the $15 million refurbishment include relocating and creating an upscale restaurant and lounge, as well as reimagining the 9th floor as concierge level with lounge. Additionally, the hotel’s exterior will be enhanced for better curb appeal, ease of entrance and allow for more service to use.
“This multi-million-dollar renovation will bring the hotel to ‘like-new’ status, making it one of only two upper upscale, full-service hotels in the marketplace,” Dow noted. “With its large room count and ample meeting space, the hotel is ideal for gatherings of virtually all sizes, from small family get-aways to hosting larger scale sports team playing in the area.”
Founded in 1997, Seattle-based The Dow Hotel Company is a hotel owner/investor and operator of eight first-class properties throughout the United States. The company’s portfolio of owned and managed properties consists of institutional-grade hotels, under such full service brands as Marriott, Hilton, Hyatt, Embassy Suites, DoubleTree, Sheraton, and Crowne Plaza. The company aggressively seeks to acquire, co-invest with joint venture partners and/or manage mid- to large-size, first-class, full-service hotels, especially those with extensive food and beverage capabilities.
The company currently operates food and beverage facilities around the nation, ranging from casual dining to upscale, bars/lounges with Starbucks and Tully’s coffee outlets. In addition to Masterson’s, the division’s proprietary restaurant concepts also include Basil’s Kitchen, BC Bistro and eTown Bistro.