San Jose’s Hotel De Anza Trades for $11.5 Million

The sale of the historic Hotel De Anza in Downtown San Jose to Dhaval Panchal for nearly half of what it sold for a decade ago could upend the Bay Area hotel market.

Panchal, behind the locally based 233 W Santa Clara LLC, paid $11.5 million for the 100-room Art Deco landmark at 233 West Santa Clara Street, the San Jose Mercury News and Silicon Valley Business Journal reported.

The seller was a limited liability company with the same address as HotelAVE, a hotel asset management firm based in Rhode Island. 

In 2014, Lowe Enterprises Investors, an affiliate of Los Angeles-based Lowe Enterprises led by Robert Lowe, bought the hotel on behalf of a “large state pension plan” for $20.4 million, or $204,000 per room, according to the…