Pebblebrook Buys $125 Million W Los Angeles

Pebblebrook Buys $125 Million W Los Angeles

Vacation News » North America Vacation News Edition | By Scott Kauffman | August 27, 2012 8:00 AM ET

The luxurious W Los Angeles - Westwood traded hands this week.

Pebblebrook Hotel Trust, a publicly traded real estate investment trust, officially acquired the hotel property from Starwood Hotels & Resorts Worldwide, Inc.

Starwood announced that it completed the sale of W Los Angeles - Westwood to Pebblebrook Hotel Trust for $125 million. As part of the sale, Pebblebrook has agreed to continue with the planned property renovations to expand and re-define the hotel's Living Room, bar and public spaces.

"We continue to pursue opportunities to sell our owned real estate at the right time to the right owners in the best interest of shareholders," said Simon Turner, President of Global Development for Starwood. "We already have a great working relationship with Pebblebrook
Hotel Trust on the Westin Gaslamp Quarter, San Diego, W Boston and Sheraton Delfina Santa Monica, and are pleased to expand our partnership with this iconic property."

Meanwhile, Starwood said it entered into a 40-year management agreement to continue operating the hotel under the W flag.

"We're thrilled to again be partnering with Starwood at W Los Angeles - Westwood," said Jon Bortz, Chairman and Chief Executive Officer of Pebblebrook Hotel Trust. "We look forward to future success together as we continue to improve this high-quality hotel."

W Los Angeles is a full-service, luxury property with 258 modern, spacious suites; a Sweat
state-of-the-art fitness center; a 7,000 square foot Bliss Spa; The Backyard restaurant and Wet, a heated outdoor pool; and the acclaimed NineThirty restaurant. The hotel, across from UCLA and near the entertainment and vibrancy of Sunset Strip, sits at the foothills of Beverly Hills/Bel Air and is minutes from Santa Monica's beaches. The hotel offers the perfect escape from the sprawling city and is the ultimate Los Angeles hideaway.

Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with 1,112 properties in nearly 100 countries and 154,000 employees at its owned and managed properties.

Pebblebrook Hotel Trust is a publicly traded real estate investment trust organized to opportunistically acquire and invest primarily in upper upscale, full service hotels located in urban markets in major gateway cities.

The company owns 24 hotels, comprised of 18 wholly owned hotels, with a total of 4,420 guest rooms and a 49 percent joint venture interest in six hotels with 1,733 guest rooms.

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