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Carey Watermark Likes SoCal Market

PASADENA, CA—In this UPDATE to a previous story, the investor tells GlobeSt.com reporter Kelsi Maree Borland that its recent $142.5 million purchase of the Westin Pasadena was all about location.

By Kelsi Maree Borland | Updated on March 24, 2015

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.”

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