Amstar Sells 296-Room Hilton Pasadena
Pasadena, California (May 13, 2015) – Today, Amstar announced the sale of the Hilton Pasadena Hotel, a 296-room property located in Pasadena, California, just 2 miles to the southeast of the iconic Rose Bowl Stadium.
Amstar, in partnership with Davidson Hotels & Resorts, acquired the property off-market in December 2005 and immediately commenced a significant renovation to the property. During the partnership’s ownership, Amstar and Davidson completed comprehensive renovations to the lobby, meeting spaces, food and beverage outlets, patio as well as upgrades to soft goods in order to improve the overall guest experience.
The hotel was acquired by AXA Real Estate, acting on behalf of one of its clients and in joint venture with hotel operator Aimbridge Hospitality, LLC, for an undisclosed price. John Strauss of Jones Lang LaSalle represented the seller in the transaction.
“Given the significant demand Class “A” hotels are experiencing, coupled with the rare opportunity to offer a hotel unencumbered by both brand and management, we decided now would be a great time to sell the property,” said Amstar Chief Operating Officer Doug Wiley. “Davidson Hotels & Resorts was an excellent partner to work with from beginning to end and we look forward to partnering with them again in the future.”
“The start of our great relationship with Amstar dates back over twelve years ago,” said Davidson Chief Investment Officer Steven Margol. “In the intervening years, we’ve had a number of very successful round trips together. We look forward to continuing our tradition of success with Amstar in the future; they have truly been a wonderful partner.”
About Amstar
Established in 1987 and headquartered in Denver, Colorado, Amstar is a real estate private equity company that acquires, develops and manages all major property types in the United States and in select international markets. In the United States, Amstar focuses on investing in high-quality and well-located office, multifamily, industrial, retail and hotel properties with value-add risk profiles. Currently, Amstar and its clients utilize perpetual separate account structures which grant the flexibility needed to optimize risk-adjusted returns through multiple market cycles. Amstar is a privately-owned company with over 80 professionals, and is based on a culture of trust, integrity, and respect. For more information, visit www.amstar.com.
About Davidson Hotels & Resorts
Davidson Hotels & Resorts is an award-winning, full-service hotel management company that provides management, development/renovation, acquisition, consulting and accounting expertise for the hospitality industry. The company has amassed one of the purest full-service hotel portfolios in the industry, ranging from the upper-upscale to near-luxury segments; encompassing 37 upscale, full-service, independent and branded hotels with more than 11,400, and 1.4 million square feet of meeting space across the United States. Davidson is a trusted partner and a preferred operator for Hilton, Marriott, Hyatt and Starwood Family hotels. Additional information on Davidson may be found at the company’s website, www.davidsonhotels.com.