SAN JOSE — A real estate alliance has officially bought a bankrupt San Jose hotel and is seeking to rebrand it as a Courtyard by Marriott following a revamp of the lodging.
Four Points by Sheraton, a 196-room hotel at 1471 N. Fourth St. in north San Jose, was bought by an alliance of Santa Monica-based Beachpoint Capital Management and Pasadena-based ASAP Holdings, according to public records.
The new owners paid $38.6 million for the San Jose hotel property, according to documents filed on June 7 with the Santa Clara County Recorder’s Office.
Beachpoint Capital, an investment management firm; and ASAP Holdings, which owns and manages hotels, resorts and other properties, are planning a wide-ranging upgrade and revamp of the north San Jose hotel.
“We were drawn to the hotel’s great location in Silicon Valley,” said Frank Yuan, chief executive officer with ASAP. “This is a top market.”
The new owners also are planning to undertake a…