US-based real estate investment firm Urban Commons, together with Brighton Management, has purchased the 333-room Sheraton Pasadena hotel, situated in Pasadena, California.
The firms have already received full 20-year commitment from the Sheraton Brand to retain the Sheraton flag.
The full-service hotel is adjacent to the recently expanded Pasadena Convention Center, which draws thousands of visitors and exhibits year-round.
The property iswithin three miles of the city’s historic landmarks and attractions such as the Rose Bowl, Norton Simon Museum, Huntington Library and Botanical Gardens.
The Sheraton Pasadena has a restaurant and bar, 12,000ft² of interior meeting space, an exercise facility, outdoor heated swimming pool, spacious parking, and complimentary shuttle service within a three-mile radius.
Urban Commons noted that the Sheraton Pasadena is situated in the heart of the city’s burgeoning redevelopment district, which recently completed its own $150m renovation and expansion.
Urban Commons has completed acquisition of ten hotels totalling $300m since 2011, while its partners include names such as Starwood Hotels and Resorts Worldwide, Hilton Worldwide and InterContinental Hotels Group.
Currently, Brighton Management owns and operates hotels situated in Southern California counties such as Los Angeles, Orange and Ventura.