CAMPBELL — A South Bay hotel with a prominent perch across the freeway from the Pruneyard Shopping Center has been bought at a price that reflects relatively weak values for Bay Area hospitality hubs.
Ankit Panchal, a San Jose-based business executive with experience in hotels, led the group that bought the Campbell Inn for $11 million, according to documents filed on Dec. 31 with the Santa Clara County Recorder’s Office.
The deal was completed as the Bay Area hotel market battles against a wave of loan defaults, plunging prices and property foreclosures that have stifled purchasing activity and new development…