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.