Hyatt selling landmark Santa Clara hotel

The Hyatt Regency Santa Clara boasts 501 rooms.

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Nathan Donato-Weinstein: Real Estate Reporter- Silicon Valley Business Journal; Email | Twitter

The Hyatt Regency Santa Clara, one of Silicon Valley's top hotels, is being sold to Orlando-based Inland American Lodging Group Inc. in a deal estimated in the low-$90-millions to $100 million range. Hyatt Corp. is the seller.
The deal, if consummated, would be the largest in a string of recent hotel deals in Silicon Valley and the Bay Area and the first big one within spitting distance of the new Levi's Stadium going up in Santa Clara.
Multiple industry sources said that Inland American is the high bidder on the 501-room hotel located at 5101 Great America Parkway, which was known to be on the market. Those sources said Hyatt was expected to remain the property's flag and retain in a management capacity.
One source told me the property was expected to change hands for a price in the "low 90s," while another pegged it at nearly $100 million. That would be about $180,000 per room key for a $90 million price tag, or nearly $200,000 at the upper end.
The city owns the land underneath the hotel and leases it to the current owner, Hyatt Corp. Ruth Shikada, the city's economic development director, confirmed that Inland American has submitted a request to reassign the ground lease. The city has taken no action as of yet, she said.
State records also show Inland American in recent weeks has filed for a limited liability corporation called IA Lodging Santa Clara LLC, suggesting a deal may be close at hand.
Representatives for Inland American and Hyatt didn't respond to requests for comment on Tuesday.
The property is located adjacent to the Santa Clara Convention Center, which boasts some 302,000 square feet of meeting space, and a stone's throw form the $1.3 billion Levi's Stadium that is now more than halfway completed.