CWI Buys Westin Pasadena Hotel for $142.5 Million
Photo courtesy of Carey Watermark Investors
The total investment of $158 million includes an additional $15.5 million in planned capital expenditures that involve an extensive renovation.
The Four Diamond AAA-rated property is a full-service hotel boasting 350 guest rooms, a restaurant and bar on-site, a fitness studio and a plethora of meeting space. Located in an ideal market in downtown Pasadena, California, home to college football's Rose Bowl, the New Year's Day Rose Parade and the Pasadena Convention Center, the Westin Pasadena is seen as a high quality asset for CWI.
"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," said CWI CEO Michael Medzigian in a statement. "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."
"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," he added.
The Westin Pasadena will continue to be managed by HEI Hotels & Resorts, a hospitality owner/operator that already manages several other CWI properties, including the Westin Minneapolis, which CWI acquired last month for $66.4 million.
The upcoming renovation plans by CWI will see the hotel's guest rooms and corridors undergo a full replacement of their soft and case goods. Other projects designed to add value will be completed in the near future as well.
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