SAN JOSE >> The historic Hotel De Anza in downtown San Jose was bought at a price that’s roughly half of what it was previously worth.

Purchased for $11.5 million, according to documents filed Tuesday with the Santa Clara County recorder’s office, Hotel De Anza’s price could be an additional sign of weakness in the lodging market.

An ownership group headed up by Dhaval Panchal, whose family owns hotels in the Bay Area, bought the 10-story historic hotel at 233 W. Santa Clara St. in downtown San Jose.

The $11.5 million price is 43.6% below the $20.4 million that an affiliate of Lowe’s Enterprises paid in 2014 for the historic high-rise. Even worse, it is 54% below the hotel property’s value of $25.2 million in January, as the Santa Clara County assessor’s office estimated.

The purchase price is also about 63% below what investors were willing to pay before the COVID-19 outbreak in 2020.