Hotel in Southern California changes hands
Carey Watermark Investors has purchased the Westin Pasadena, a full-service hotel in Pasadena, Calif., from HEI Hotels & Resorts. The hotel sold for $142.5 million, and CWI plans to invest another $15.5 million in improvements. HEI will continue to manage the property.
The Westin Pasadena sits on 1.21 acres of land in central Los Angeles County. The hotel features 19,000 square feet of meeting space and 350 rooms; it was most recently renovated in 2005.
In February, CWI acquired the Westin hotel in Minneapolis for $66.4 million.
Pasadena is part of the Los Angeles market. The L.A. hotel market has had increasing investment activity since first quarter 2014; however, the quarterly volumes have been variable in the past three years, according to Real Capital Analytics.
First quarter 2014 had only $121 million in total sales, a drop from the previous quarter, which closed with $614 million. Second quarter 2014 increased to $155 millio