City officially sells San Jose's Hayes Mansion to hotel operator with plans for big upgrades

The sale of San Jose’s historic Hayes Mansion has officially closed and the new owner plans to make millions of dollars in upgrades to restore the 214-room hotel and conference center.

San Francisco-based JMA Ventures LLC closed the deal for $27.8 million, according to property records viewed by the Mercury News.

The deal closes eight months after the city agreed to sell the property to JMA. Along with the one-time cash infusion from the property sale, the deal also lifts an ongoing financial…

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