HEI Hotels & Resorts (HEI), the nation’s fastest growing private owner/operator of hotel real estate, today announced that the company has purchased the 350-room Westin Pasadena in Pasadena, California for an undisclosed amount from MPG Office Trust. This four-diamond rated Westin is the eighth acquisition by HEI’s Fund III and is the 40th hotel in the company’s portfolio.
“HEI’s ability to acquire three assets in the last 30 days speaks to our ability to find exceptional hotels and process complex transactions expeditiously,” said Steve Mendell, president, acquisitions and development. “We are on track and plan to continue on this path of accelerated growth as long as the market continues to provide attractive risk-adjusted opportunities.”
“Against what was a complex transaction that needed to close quickly, our success here really is an acknowledgement of the full depth and talent of our investment, operations and renovations teams, as well as our industry relationships,” said Anthony Rutledge, Chief Financial Officer. “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."
Located at 191 North Los Robles Avenue, adjacent to Pasadena City Hall and the Civic Center area in the heart of downtown Pasadena the hotel is convenient to local demand generators, as well as downtown Los Angeles.
“This is arguably the best asset in one of the strongest submarkets in California,” said Russ Urban, HEI’s SVP, acquisitions and development. “Pasadena benefits from a strong mix of corporate transient and leisure demand throughout the San Gabriel Valley. HEI is Starwood’s largest franchisee, and this award-winning, upscale Westin is right in HEI’s sweet spot.”
About HEI Hotels & Resorts
HEI Hotels & Resorts, headquartered in Norwalk, Conn., is a leading hospitality investment firm that acquires, develops, owns and operates full-service, upper upscale and luxury hotels and resorts throughout the United States under such well-known brand names as Marriott, Sheraton, Westin, Le Meridien, Embassy Suites, and Hilton. For more information about HEI, visit the company's website, www.heihotels.com.