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The
San Jose Marriott Hotel
What: A
506-room, 26-story, full-service upscale hotel attached to the 425,000 square foot San Jose McEnery Convention Center.
Where: Downtown San Jose, at the corner of Market and San Carlos Streets. The one-acre site was a former service station.
Who: The Redevelopment Agency of the City of San Jose was the owner of the land. The hotel was developed by SCS Advisors on behalf of Walton Street Capital, and is operated by Marriott International.
When: The hotel opened in April of 2003—the first new hotel construction in downtown San Jose for ten years.
How much: $105 million was spent developing the Marriott, $10.5 million of which was provided by the City.
MR&A’s role: As hotel development advisor to the City Redevelopment Agency, Mr. Robinson assisted in the preparation of the Request for Proposals (RFP) and the developer selection process in 1998. In 1999 and 2000, he acted as business advisor in the negotiations, preparing extensive financial analyses and assisting in the structuring of the Disposition and Development Agreement and 50-year participation rental agreement.
Results: The Convention Center now has the additional first-class rooms it needs to continue to successfully attract large groups; the hotel has been well-received by the San Jose visitors; and its restaurant, Arcadia is managed by the award-winning chef Michael Mina. In future years, the City will receive significant amounts of participation rent from the property.
Where: Downtown San Jose, at the corner of Market and San Carlos Streets. The one-acre site was a former service station.
Who: The Redevelopment Agency of the City of San Jose was the owner of the land. The hotel was developed by SCS Advisors on behalf of Walton Street Capital, and is operated by Marriott International.
When: The hotel opened in April of 2003—the first new hotel construction in downtown San Jose for ten years.
How much: $105 million was spent developing the Marriott, $10.5 million of which was provided by the City.
MR&A’s role: As hotel development advisor to the City Redevelopment Agency, Mr. Robinson assisted in the preparation of the Request for Proposals (RFP) and the developer selection process in 1998. In 1999 and 2000, he acted as business advisor in the negotiations, preparing extensive financial analyses and assisting in the structuring of the Disposition and Development Agreement and 50-year participation rental agreement.
Results: The Convention Center now has the additional first-class rooms it needs to continue to successfully attract large groups; the hotel has been well-received by the San Jose visitors; and its restaurant, Arcadia is managed by the award-winning chef Michael Mina. In future years, the City will receive significant amounts of participation rent from the property.
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