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March 23, 2015

CWI buys Westin Pasadena hotel for $142.5m

Real-estate investment trust (REIT) Carey Watermark Investors (CWI) has acquired Westin Pasadena hotel in the US for around $142.5m.

Westin

Real-estate investment trust (REIT) Carey Watermark Investors (CWI) has acquired Westin Pasadena hotel in the US for around $142.5m.

CWI is estimating $15.5m of planned capital expenditures and other acquisition-related costs. Planned capital expenditures include an extensive renovation of the guestrooms through a full replacement of the soft and case goods throughout the guestrooms and corridors.

Located in downtown Pasadena, the property includes 350 guestrooms and features Spanish architecture, manicured courtyard garden and sculptured fountains.

CWI CEO Michael Medzigian said: "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.

"We believe that it will continue to benefit from the diverse corporate and leisure attractions in the area."

"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."

The property is situated in a mixed-use complex Plaza Las Fuentes, which includes 178,000ft² office building and 15,000ft² of retail space, comprising two restaurants.

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HEI Hotels & Resorts will continue to manage the property, which features 19,000ft² of interior meeting space and full-service restaurant and bar.

The property also features lobby lounge with Westin-branded Haven business or networking space, in addition to outdoor heated swimming pool and spa and 1,300ft² fitness studio.

It is near to Pasadena’s multiple attractions, which include Pasadena Convention Centre, Civic Auditorium, Rose Bowl and Paseo Colorado shopping and entertainment centre.


Image: Westin Pasadena hotel features Spanish architecture, manicured courtyard garden and sculptured fountains. Photo: courtesy of Carey Watermark Investors Incorporated.

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