PASADENA, CA—Carey Watermark Investments likes quality assets in strong locations, and the SoCal lodging market is no exception. GlobeSt.com reported in an earlier story that the investor purchased the Westin Pasadena for $142.5 million. The 350-room hotel is located in Downtown Pasadena, with close proximity to the Rose Bowl, an emerging group market and 7 million square feet of office space. For the investor, the location was key.

“It is a leading asset in its competitive market and we believe well positioned to retain that market-leading position over time due to location and quality,” Michael Medzigian, CEO of CWI, tells GlobeSt.com. “In addition, it has strong initial cash flow and value-add opportunities that will enhance its longer-term value.”

The investor does plan to add value to the property to the tune of $15.5 million. “We plan to implement an extensive renovation of the guestrooms and guestroom corridors along with other value-add projects throughout the hotel,” Medzigian said. The renovations will include full replacement of both soft and case goods throughout the rooms and corridors. HEI Hotels & Resorts will continue to serve as hotel manager for the property.

The investor is actively seeking similar properties for its hotel portfolio, focusing on strong locations as well as quality assets. “We continue to build a geographically diverse portfolio of properties in the full service, select service and resort categories that will create current return and longer term value for our investors,” says Medzigian.

Several investors have been scooping up hotel properties in the Southern California market. AWH Partners and Starr Cos. formed a joint venture to purchase the Burbank Airport Marriott Hotel, which is adjacent to the Bob Hope Airport in Burbank; while Maryland-based DiamondRock sold the Los Angeles Airport Marriott Hotel for $160 million to Chinese developer XLD Group, which plans to invest an additional $15 million to renovate the property.