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Posts Tagged ‘350 room hotel’

MPG sells Westin Pasadena hotel for $92 million

Saturday, June 4th, 2011
The Westin Pasadena

The Westin Pasadena has been sold to HEI Hotels & Resorts for $92 million by MPG Office Trust Inc. — a sign of the improving health of the hotel business.

MPG, the largest office landlord in downtown Los Angeles, has been selling noncore assets in an effort to reduce debt. Its other properties are primarily office buildings in Los Angeles and Orange counties.

Maguire Thomas Partners, a predecessor of MPG, built the 350-room hotel in 1989 as part of its Plaza Las Fuentes office and hotel complex on North Los Robles Avenue near Pasadena City Hall.

Investors such as real estate investment trusts are hungry for full-service hotels in popular California destinations including Los Angeles County, said consultant Alan Reay of Atlas Hospitality Group. The 12-story The Westin Pasadena is the kind of upscale inn now in demand by investors, who are driving prices of choice properties back up to … Read the rest

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