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“Our projects succeed because they’re grounded in detailed, strategic planning and strong relationships that support us along the way,” said Jon Shank, a partner at Pelio & Associates and part of the team overseeing redevelopment for the Inn. “Our firm has worked with Joe Anzalone for more than 25 years and we appreciate the expertise he and his colleagues offer. Their knowledge of financing in the Bay Area market is invaluable to us. It makes for a win-win on both sides.”
Pelio & Associates is commercial real estate development firm that has served the San Francisco Bay Area for more than three decades. They are best known for their projects in the technology sector, having successfully developed, owned and sold 11 data centers throughout Silicon Valley. The firm has also successfully developed numerous retail and commercial projects in the San Francisco Bay Area.
In 2010, Pelio & Associates recognized an opportunity to purchase and redevelop The Los Gatos Motor Inn, an historic but aging hotel property in the affluent Silicon Valley town of Los Gatos, California.
The principals invested more than $12 million cash upfront to purchase The Los Gatos Motor Inn and facilitate the first phase of a multi-year renovation project that included: refurbishing most of the hotel’s rooms and interior; upgrading the hotel’s amenities; constructing a new commercial building at the front of the property.
With phase one of the renovation complete, Pelio & Associates wanted to secure commercial real estate financing that would allow them to finish the remaining improvements to the hotel, provide ongoing working capital for possible contingencies, and recapture some of their original investment.
Inn of Los Gatos