Carey Watermark Investors Incorporated (CWI) has announced its $142.5 million acquisition of the Westin Pasadena hotel in California.
The $142.5 million purchase price was in addition to planned capital expenditures and other acquisition-related costs totaling $15.5 million for an investment of $158 million. As part of the acquisition, CWI plans to renovate the guestrooms, replacing the soft and casegoods throughout the rooms and corridors. HEI Hotels & Resorts will continue managing the property.
“CWI’s investment in the Westin Pasadena represented the opportunity to secure a well-located asset that benefits from the overall strength of the Southern California lodging market,” says Michael Medzigian, CEO of CWI. “The 4-Diamond property generates attractive cash-flow, and we believe that it will continue to benefit from the diverse corporate and leisure attractions in the area. Our ability to acquire a high-quality, well-positioned asset in a strong market adds additional market diversity as well as solid long-term cash generating capability to our portfolio.”
The hotel sits in the Plaza Las Fuentes, a mixed-use complex featuring a 178,000 square-foot office building, 15,000 square feet of retail space, and two restaurants. The Pasadena Convention Center, Civic Auditorium, Rose Bowl, Paseo Colorado shopping and entertainment center, downtown Los Angeles, and other attractions are all a short drive away.
The full-service hotel is a 4-Diamond AAA-rated property with a courtyard garden, sculptured fountains, and Spanish architecture highlighting the façade. With more than 350 guestrooms, amenities include 19,000 square feet of interior meeting space, a full-service restaurant and bar, a lobby, an outdoor heated swimming pool, a spa, and a fitness studio.
