Maryland-based Pebblebrook Hotel Trust has acquired the 450-room Westin Gaslamp Quarter hotel for $110 million, in an all-cash transaction. An April 6 statement said Starwood Hotels and Resorts, which sold the property, will continue to manage the Westin.
Pebblebrook Chief Executive Officer Jon Bortz said the hotel is “ideally located” within downtown’s Gaslamp Quarter and is expected to “greatly benefit” from the local market’s continued economic recovery.
The Westin Gaslamp is currently undergoing a multi-phase, comprehensive hotel renovation that includes all guest rooms and public areas. The recently completed guest room renovation, the first phase of the overall renovation, accounted for a total investment of $12 million. Pebblebrook said it will fund $10 million for this phase through a reimbursement to Starwood, with Starwood funding the remaining $2 million.
The Westin Gaslamp, located at 910 Broadway Circle, was first developed in 1987. It operated at 72 percent occupancy in 2010, with an average daily rate of $157, according to Pebblebrook.
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