A deal for the sale of one of the towers of a downtown San Jose hotel that involves a local university is poised to make progress.
SAN JOSE — A deal for the sale of one of the towers of a downtown San Jose hotel that involves a local university is poised to make progress now that city officials are preparing a key approval step for the transaction.
The potential transaction could lead to the south tower being bought by a real estate firm that would then lease the highrise to San Jose State University, municipal documents show. San Jose State University officials didn’t discuss any details of the property transaction that was sketched out in the city documents.
“While any such agreements or deals of ours are not final, it is possible that we may be impacted by any of the Council’s decisions should we move further along with our endeavors to grow our housing stock and footprint downtown,” Faas said. If the deal is completed as contemplated, the outcome can benefit the downtown, the university and the hotel, in Staedler’s view.
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