The Westin Pasadena is Sold for $142.5 Million

Carey Watermark Investors Incorporated announced that it has acquired the landmark Westin Pasadena hotel. The acquisition price for the 350-guestroom hotel was $142.5 million.

The Westin Pasadena is a Four Diamond AAA-rated hotel located within the Plaza Las Fuentes just east of Pasadena City Hall.

The mixed-use complex spans a 178,000 square-foot office building and 15,000 square feet of retail space, including two restaurants. The hotel features Spanish architecture highlighted by a dramatic façade, manicured courtyard garden and sculptured fountains.

“The Four 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,” said Carey Watermark Investors’ CEO Michael Medzigian.

Carey Watermark Investor said it will invest a total of $158 million, which includes the $142.5 million purchase price as well as approximately $15.5 million of planned capital expenditures and other acquisition-related costs.

The firm said it will implement an extensive renovation of the guestrooms through a full replacement of the soft and case goods throughout the guestrooms and corridors. Further, various other value-add projects throughout the hotel will be completed in conjunction with the renovation.

The hotel will continue to be managed by HEI Hotels & Resorts, a hospitality owner/operator that owns and manages 43 full-service, upper-upscale, luxury and premium select-service hotels and resorts throughout the U.S.

Carey Watermark Investors Incorporated (CWI) is a publicly registered real estate investment trust (REIT) that was formed to make investments primarily in the lodging and lodging-related sectors. Affiliates of W. P. Carey Inc. and Watermark Capital Partners advise CWI and manage its overall portfolio. For more about the company, visit www.careywatermark.com