$43.8M financing secured for Courtyard by Marriott San Jose Campbell

SAN DIEGO, July 10, 2024 - JLL Capital Markets announced today that it secured $43.8 million in bridge financing for the Courtyard by Marriott San Jose Campbell, the 162-key hotel located in the heart of the Silicon Valley.

JLL represented the borrower, an affiliate of Huntington Hotel Group, to secure a floating rate loan through Prime Finance with a term of up to five years including extensions. The JLL team has been involved with the project since its inception and arranged construction-to-permanent financing for the hotel in 2008. Proceeds of the refinance were used to retire that facility, as well as provide funds for the upcoming brand-mandated Property Improvement Plan (PIP).

The Courtyard San Jose Campbell offers a range of amenities including a spacious outdoor pool, fitness center, bar and restaurant, breakfast buffet and ample meeting space. The property recently underwent a $2 million renovation from 2017 to 2018, which transformed the lobby into a state-of-the-art space with guest-centric design and features such as media pods, a lobby lounge, an outdoor patio and a fire pit.

Silicon Valley, home to thousands of Fortune 1000 high-tech corporations and startups, provides an ideal setting for the Courtyard San Jose Campbell. Situated at 655 Creekside Way, the hotel enjoys close proximity to industry leaders like Apple, Intel and Google, all within a convenient twenty-minute drive.

Additionally, with seamless access to major highways including Highway 17, 85, Interstates 280 & 880 and US 101, as well as being just a 10-minute drive to San Jose's International Airport (SJC), the property offers unparalleled convenience for both business and leisure travelers.

Furthermore, the Courtyard by Marriott San Jose Campbell is conveniently located less than 3 miles away from JLL's newest office located in Santana Row in San Jose.

The JLL Debt Advisory team was led by Senior Managing Director Tim Wright, Director Olga Walsh and Analyst Jack Wood, in partnership with the JLL Silicon Valley Capital Markets group.

"We are proud to have secured this refinancing on behalf of Huntington Hotel Group and look forward to the property's continued success," said Walsh. "This successful transaction demonstrates the resilience and attractiveness of the Silicon Valley market, showcasing the confidence of lenders and investors in its long-term potential."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.