LOS GATOS — A homebuilder that had previously landed an option to buy the Los Gatos Lodge and later gained approval for a housing development at the property has formally purchased the site.

Summerhill Homes, acting through an affiliate, paid $78.4 million to purchase the 128-room hotel, according to documents filed on Oct. 15 with the Santa Clara County Recorder’s Office.

In 2023, the residential developer obtained an option to buy the property from an affiliate headed up by Bay Area resident Keet Nerhan.

The Los Gatos Town Council in March unanimously approved a Summerhill proposal for a 155-unit housing development on the property at 50 Los Gatos-Saratoga Rd.

The project would consist of three-story townhomes distributed among 28 buildings. The 155 residences would include 26 below-

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