HEI Hotels & Resorts has purchased the four-diamond rated Westin Pasadena hotel from MPG Office Trust for USD92 million. The Westin is the eighth acquisition by HEI’s Fund III and is the 40th hotel in the company’s portfolio. The sale of the 350-room Westin speaks to the improving health of the hotel industry.
And this was no easy transaction.
“New financing was provided at closing by one of our long-standing preferred lenders, Wells Fargo, which again demonstrated its commitment to our platform and its confidence in our ability to close quickly on a complex transaction,” HEI Chief Financial Officer Anthony Rutledge said in an online statement.
Rutledge said the success of the transaction was fueled by the “full depth and talent of HEI’s investment, operations and renovations teams,” as well as its sound industry relationships.
Located at 191 N. Los Robles Ave., adjacent to Pasadena City Hall and the Civic Centre, the hotel has been a consistent draw for business and leisure travellers alike.
“It’s certainly an important asset because it brings conventions to Pasadena and other activities and events,” said Chris Holden, a Pasadena councilman and commercial real estate consultant. “I hope the sale won’t diminish that in any way. My guess is that the Westin will still be the operator.”
Holden said the sale attests to a healthy city economy and the confidence investors have in Pasadena. “Pasadena is a brand name that brings a lot of value to real estate properties,” he said.
