PASADENA, CA—Carey Watermark Investors has acquired the landmark Westin Pasadena hotel.  The firm paid $142.5 million for the full-service downtown Pasadena hotel which includes 350 guestrooms.

“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 Carey Watermark (CWI). “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."

The Westin Pasadena is a Four Diamond AAA-rated hotel located within the Plaza Las Fuentes, a mixed-use complex with a 178,000 square-foot office building and 15,000 square feet of retail space, including two restaurants.  The hotel features Spanish architecture highlighted by a dramatic façade, manicured courtyard garden and sculptured fountains.

The hotel is near Pasadena's many attractions and demand generators, including the Pasadena Convention Center, Civic Auditorium, Rose Bowl and Paseo Colorado shopping and entertainment center.  The property also benefits from its proximity to the strong corporate base in downtown Los Angeles, which is 10 miles from the hotel.

The Pasadena market contains over seven million square feet of office space and is home to the famed Rose Bowl and Rose Parade which attracts over 730,000 spectators and contributes an annual economic impact of more than $300 million.

CWI says it will implement an extensive renovation of the guestrooms through a full replacement of the soft and case goods throughout the guestrooms and corridors. The hotel will continue to be managed by HEI Hotels & Resorts.