LOS ANGELES—Urban Commons, together with Brighton Management, announced today the purchase of the 333-room Sheraton Pasadena. The full-service hotel is located in the premier vacation and group/corporate meeting destination of Pasadena and is the only hotel directly adjacent to the recently expanded Pasadena Convention Center.
The companies have already received full 20-year commitment from the Sheraton Brand to keep the Sheraton flag. In addition, the Sheraton Pasadena is located in the heart of the city’s burgeoning redevelopment district, which recently completed its own $150 million renovation and expansion. Urban Commons is very interested in advancing the city’s esteemed redevelopment efforts and plans to refresh and modernize the hotel to accompany those efforts.
The Sheraton Pasadena offers a restaurant and bar, 12,000 square feet of interior meeting space, an exercise facility, outdoor heated swimming pool, tennis courts, parking, and complimentary shuttle service within a three-mile radius.
Since 2011, Urban Commons has completed 10 hotel acquisitions totaling $300 million in asset value. Brighton Management currently owns and operates hotels located primarily in the Southern California Counties of Los Angeles, Orange, and Ventura.