A hotel in Fremont?

The Fremont Universe blog reports that the building housing the Dubliner (an Irish bar) and 23 apartments above has been sold for $4 million (!) and that the buyer is saying they will develop the apartments into a hostel or pensione-style hotel. That could be a potentially very cool development, although I'm curious what kind of demand there is for hotel rooms in Fremont. Would it be aimed at business people? Tourists? People who are in town visiting friends for the weekend?