Pebblebrook Hotel Trust (NYSE: PEB) (the “Company”) today announced that it has acquired the W Los Angeles - Westwood hotel for $125.0 million. The 258-room, all-suite, luxury, full-service hotel is located in the Westwood neighborhood of Los Angeles, California. The property will continue to be managed by Starwood Hotels and Resorts (“Starwood”).
W Los Angeles - Westwood Entrance (Photo: Business Wire)
“We’re thrilled with the acquisition of W Los Angeles - Westwood in the dynamic, high-barrier-to-entry West Los Angeles neighborhood of Westwood,” said Jon Bortz, Chairman, President and Chief Executive Officer of Pebblebrook Hotel Trust. “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. 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, provide excellent operating fundamentals for the market and the hotel.” The 258-room W Los Angeles – Westwood hotel is attractively located in the Westwood neighborhood of Los Angeles. This location offers a diversity of demand generators and convenient access to all the tourist attractions, restaurants, nightlife and entertainment industry activity in Hollywood, West Hollywood, Beverly Hills, Century City, Wilshire, Brentwood, Downtown Los Angeles and Santa Monica. Westwood Village is extremely pedestrian-friendly and is the premiere shopping and commercial center of Westwood, offering a wealth of amenities in a charming and unique setting while hosting national chain retailers, specialty stores, fine dining and casual restaurants, a full array of professional and convenience services, fitness centers, museums and vintage movie theaters that host many of Hollywood’s film premieres. Westwood is also in the heart of the Wilshire Corridor, which features ultra-luxury, high-rise condominium buildings, Class A office buildings, smaller boutique buildings, as well as the University of California, Los Angeles (“UCLA”), which is the largest university in the state of California and is home to a student population of nearly 40,000.