The Hilton Pasadena Hotel will be acquired by Amstar Group for $65 million, the Denver real estate investment firm said.
Amstar has agreed to buy the 296-room hotel from Carlyle Group, a Washington private equity firm that bought the property in 2004 for $36 million and spent $5 million on upgrades.
Memphis-based Davidson Hotel Co. was part owner with Carlyle and will continue to operate the Los Robles Avenue hotel as an equity partner with Amstar. The buyers said they would spend an additional $3 million on improvements this year. It will remain a Hilton.