PASADENA, CA-A joint venture between Urban Commons and Brighton Management has acquired the 333-room Sheraton Pasadena Hotel. The acquisition included a 20-year commitment from the hotel to keep the Sheraton flag at the location. The joint venture purchased the hotel for an undisclosed amount.

Urban Commons has acquired 10 hotels in the past three years, investments that have totaled $300 million. The company targets value-add properties in markets that have major growth potential. "Pasadena is located within minutes from the financial district and the property is near old-town Pasadena, so it really has a lot to offer," Nancy Choi, Urban Commons director, tells GlobeSt.com. "This is a great area to help the city with their revitalization process, and with the way the city is growing economically, everything looks very good." Located at 303 East Cordova Rd., the Sheraton Pasadena is in the city's redevelopment district, which has undergone a $150 million renovation. It is also located within 3 miles of major Pasadena attractions, like the Rose Bowl, the Norton Simon Museum and the Huntington Library and Botanical Gardens.

The joint venture was also interested in working with the hotel brand. "We have worked with the Sheraton before. We really like the brand, and we would like to continue expanding with them," says Choi. In keeping with the company's value-add strategy, it definitely plans to make a renovation investment, although Choi says they have not yet determined the investment amount.