Carey Watermark Investors (CWI) acquired the Westin Pasadena in California for $US142.5 million. HEI Hotels & Resorts was the seller of the 350-room hotel and will continue to manage the property.
The price includes US$15.5 million of planned capital expenditures and other acquisition-related costs. CWI is planning an extensive renovation of its guestrooms in addition to additional value-add projects throughout the hotel.
“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 Michael Medzigian, CEO of CWI. “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.”