Bethesda, Md.-based Pebblebrook Hotel Trust has acquired the 258-room W Los Angeles – Westwood hotel for $125 million. The property will continue to be managed by Starwood Hotels and Resorts.
‘The hotel is ideally located adjacent to UCLA and Westwood Village, one of Los Angeles' most popular shopping, dining and entertainment destinations, and is near the iconic Wilshire Corridor and Century City,’ says Jon Bortz, chairman, president and CEO of Pebblebrook Hotel Trust. ‘Los Angeles attracts over 25 million total visitors annually and is the second-most visited city by overseas visitors. Steady demand growth, along with a historically highly constrained supply environment, [will] provide excellent operating fundamentals for the market and the hotel.’
Pebblebrook Hotel Trust and Starwood are planning a multimillion-dollar public space renovation project that will reconceptualize and renovate the hotel's restaurants and ground floor lobby. This is the second hotel in the Starwood's W brand to be sold this week – previously, Annapolis, Md.-based Chesapeake Lodging Trust had acquired the 520-room W Chicago – Lakeshore for a purchase price of $126 million.