LOS ANGELES—Urban Commons, LLC, together with Brighton Management, has announced the purchase of the 333-room Sheraton Pasadena Hotel.
The companies have already received a 20-year commitment from the Sheraton brand to keep the Sheraton flag.
The Sheraton Pasadena offers a restaurant & bar, 12,000 sq. ft. of interior meeting space, an exercise facility, outdoor heated swimming pool, tennis courts, parking and complimentary shuttle service within a three-mile radius.
The full-service hotel is located directly adjacent to the recently expanded Pasadena Convention Center. Nearby attractions also include the Rose Bowl, the Norton Simon Museum and The Huntington Library and Botanical Gardens. In addition, the Sheraton Pasadena is located in the heart of the city's redevelopment district, which recently completed its own $150-million renovation and expansion. According to the company, it is very interested in advancing the city's redevelopment efforts and plans to refresh and modernize the hotel to accompany those efforts.
Since 2011, Urban Commons has completed 10 hotel acquisitions totaling $300 million in asset value.
