Pasadena Hilton is Sold to European Company, Which Promises Total Makeover

A major European real estate portfolio and asset manager called AXA Real Estate Investment Managers has purchased the Pasadena Hilton Hotel.

AXA Real Estate said late last week it completed the acquisition on behalf of one of its clients and in a joint venture with hotel operator Aimbridge Hospitality, LLC. The hotel was previously owned by Amstar, a Denver-based private equity firm.

The hotel will be completely renovated, AXA Real Estate said, calling the makeover a “significant redevelopment of the asset.” All guest bedrooms, public areas and meeting rooms will be made over.

Originally built in 1970, the hotel comprises 296 guest rooms spread across 13 storeys. Currently operating as a full-service hotel, amenities include three standalone restaurants, 28,000 sq ft (2,600 sqm) of meeting space including Pasadena’s largest 7,600 sq ft (706 sqm) ballroom.

Aimbridge Hospitality, LLC will serve as the hotel manager.

AXA Real Estate currently manages over €2.5 billion of alternative assets, all of an operational nature including 86 hotels globally, healthcare facilities, data centres and forestry assets primarily in Europe.

Steve McCarthy, U.S. Head of Asset Management & Transactions at AXA Real Estate, said the Pasadena Hilton is his firm’s “first hotel investment in the U.S.”