Jones Lang LaSalle Hotels to Sell the Hilton Pasadena
LOS ANGELES, CA, September 7, 2005. A joint venture between The Carlyle Group and Davidson Hotel Company has selected Jones Lang LaSalle Hotels to be the exclusive sales agent of the 296-room Hilton Pasadena, which Carlyle and Davidson purchased in 2004.
The hotel, strategically located within walking distance to Old Town Pasadena and across the street from the Pasadena Convention Center, recently underwent a $5 million renovation of its exteriors, public space and guestrooms. This 13-story property contains 27,000 square feet of flexible meeting space with one of the largest ballrooms in the Tri-Cities region.
"Old Town Pasadena is considered one of the most desirable areas to live and work in Southern California. Given its proximity to downtown LA, and due to a strong base of corporate demand generators based out of the Tri-Cities region, hotels in Pasadena are performing well. Additionally, the hotel market has benefited from a tremendous capital investment in South Pasadena's residential and commercial projects in recent years. For the first half of the year, the hotel's current competitive set is enjoying a seven percent increase in RevPAR. The top-rated properties in the region are experiencing double digit increases in RevPAR. The $5 million renovation will enable the new owner to reap the benefits of higher rates," said Arthur Buser, managing director for Jones Lang LaSalle Hotels in Los Angeles.
"The Hilton Pasadena is a highly desirable asset in a market with significant barriers-to-entry due to limited developable land and escalating construction costs. The new owner will be able to effectively yield manage its business and close the RevPAR gap with the top hotels in Pasadena given the recent $5 million in capital improvements," added John Lee, a vice president for Jones Lang LaSalle Hotels.
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