SAN JOSE — One of the loans for a landmark hotel tower in downtown San Jose is up for sale, but wide-ranging efforts are underway to inject fresh cash into the lodging hub to brighten its financial picture.
JLL, a commercial real estate firm, is seeking a buyer for one of the loans for the Signia by Hilton hotel, one of downtown San Jose’s most important hotels and a crucial propellant in the quest to help the city’s urban core recover from the coronavirus.
A marketing brochure that JLL is circulating says the loan that’s up for sale is “non-performing,” which can mean Brightspire Capital, the hotel’s lender, has not received all of the payments that are due on the hotel.
The hotel tower could soon have a greatly different and improved financial structure, according to sources familiar with the commercial property market in the South Bay.
New financing is being arranged that would recapitalize the hotel’s finances and place the property on a solid monetary footing, according to the sources, who asked not to be identified because they are not authorized to officially discuss the situation.
The Signia by Hilton hotel at 170 South Market Street has 541 rooms and is one of the lynchpins of the lodging market in Silicon Valley.
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