Hayes Mansion

Hayes Mansion
San Jose

Curio Collection by Hilton

San Jose, CA

Renovation and repositioning of a 214-key historic landmark hotel to a Curio Collection by Hilton, located in San Jose

Asset Type

Hotel

Acquired

2019

Scope

214 keys
VISIT PROJECT WEBSITE

Key Investment Thesis

Opportunity to reposition a 1905 historic hotel and restructure the brand and management, creating the premier group and event destination only 9 miles from downtown San Jose.
  • Attractive acquisition basis from the City of San Jose with a comprehensive renovation now completed
  • Partner with Curio Collection by Hilton and Aimbridge to overhaul the Hotel’s positioning in the marketplace, transforming the caliber of the property and its ability to attract top tier group, event, and transient business

JMA Value Creation

JMA completed the repositioning and renovation on schedule and on budget, with the rebrand debuting in 2021 at a very attractive basis for investors.
Operated smoothly during “white label” renovation period before debuting as a Curio Collection in 2021, while navigating the Covid-19 pandemic
Sourced accretive contract with Curio Collection by Hilton to increase demand from higher-rated travelers as well business travel, drive-to leisure, and group business segments
Partnered with Aimbridge to bring institutional management and operational efficiencies to the Property
Active Asset Management to ensure successful re-launch in the market and enhanced operational performance
VISIT PROJECT WEBSITE

Downtown Commons

Downtown Commons

Sacramento, CA

Redevelopment of the former Westfield Downtown Plaza in downtown Sacramento into Downtown Commons (“DoCo”), a 1,000,000 SF mixed-use development surrounding Golden 1 Center, home to the NBA’s Sacramento Kings. The project was developed in a joint venture with the Sacramento Kings and was designed to leverage activity from the 17,500-seat Arena and its CBD location four blocks from the State Capitol Building.

  • 300K SF of new retail space
  • New 250-key Kimpton Hotel
  • 45 luxury condo units
  • 120K SF office refurbishment
  • 35K SF state-of-the-art Sacramento Kings Class A office space
  • 332K SF Macy’s full-line department store refurbishment

Asset Type

Arena-Anchored Mixed-Use

Acquired

2012

DEVELOPED

2017

Scope

1,000,000+/- SF

EXIT

  • King’s office sold: 2017
  • Condos sold: 2018-2019
  • 660 J Street sold: 2020
VISIT PROJECT WEBSITE

Key Investment Thesis

Leverage the adjacency to the new Golden1 Center, home to the Sacramento Kings, and prime location in the heart of Sacramento’s CBD, to develop a regionally transformative lifestyle mixed-use project that would deliver significant premiums over the then-current market rental rates, hotel room rates, and residential sales per SF.

  • Strategic Location near Traffic Drivers:
    • Golden1 Center Visitation – 200+ Arena events per year / 1,700,000+ visitors, including 42+ Kings games, concerts, family shows, community-oriented events, and other sporting events.
    • Daytime population – 95,000 weekday office population
    • Access – Two blocks from Interstate 5 (nearly 200,000 vehicles per day), four blocks from the regional train depot / future multimodal transit center and served by bus and light rail lines.
  • Retail – position as the dominant entertainment, shopping and dining destination in the urban core leveraging Golden1 Center visitors, office worker population, and proximity to surrounding affluent communities
  • Kimpton Sawyer Hotel – positioned as Downtown Sacramento’s rate and luxury leader, focused on the customer base and active environment derived from Arena events and an NBA affiliation in an already strong occupancy market.
  • Residences at the Sawyer – develop a residential product that did not previously exist in the market including high rise views, hotel amenities, and a prime downtown location. There is no other competitive Residential luxury product in the market.
  • Office – build to suit state-of-the-art office to house Sacramento Kings business operations, adding to the daytime population for the project

JMA Value Creation

Downtown Commons has been a catalyst for redefining downtown Sacramento. It has transformed the once-blighted area into a fully-activated, vibrant urban core that promotes foot traffic and collaboration. JMA Ventures worked closely with the Sacramento Kings to create an ecosystem for the Kings’ organization that includes the Kings Arena, practice facilities, Class-A office headquarters, merchandise stores, and ancillary uses while also incorporating other private uses that coexist and complement their operations. JMA’s roles included the following:
Master developer for the entire entertainment sports complex and developer for the mixed-use components
Performed acquisition diligence of site
Managed development and construction
Hired and managed design team to deliver the project with favorable economics
Delivered hotel partnership with national hotel operator
Led construction financing and take-out financing efforts
Provided overall asset management, including retail & office leasing, and financial oversight
VISIT PROJECT WEBSITE