Photos of Progress on New De Anza Boulevard Hotel

The of De Anza Boulevard and Alves Drive will be an Aloft Hotel, part of the Starwood Hotels and Resorts chain.

The development is expected to cost between $10 million to $20 million, according to a report in the Mercury News.

Near Apple’s headquarters and other high tech company offices, the hotel is being geared toward the young business traveler.

"We think Silicon Valley is an ideal destination for Aloft and we believe Cupertino is one of the most dynamic cities in Silicon Valley," Brian McGuinness, senior vice president for specialty brands with Starwood Hotels told the Oakland Tribune. "Cupertino is in the high-tech hub of the world."

The hotel, which will have 123 high-ceilinged loftlike rooms, an indoor pool, bar, fitness center and 2,000 square feet of rentable space, is expected to open in 2013.

The Aloft brand "delivers style at a steal with urban-influenced, modern, open and vibrant design—and a social guest experience—all at an affordable price point," according to the company.

The hotel is owned by a venture between Shashi Corporation and Somera Capital Management, and was originally expected to open as a Hyatt Hotel.