Utah pension fund sells Westin Long Beach at a loss, settling foreign buyer rumors
Rockpoint group scooped up the hotel for $85M
Utah Retirement Systems, a pension fund for almost 200,000 public employees in Utah, just checked out of the Westin Long Beach.
Boston-based investment firm Rockpoint Group bought the 460-key hotel for an estimated $84.8 million, or $184,348 a room, Real Capital Analytics data shows.
URS, which owned a majority stake in the property, took a $3.6 million loss by selling the building, which it owned under a limited liability corporation affiliated with Atlanta-based Noble Investment Group. The entity scooped up the 16-story hotel at at 333 E. Ocean Boulevard in January 2006 for $88.4 million, or $192,173 per room.
Noble is the general partner of the entity and AEW Capital Partners serves as the fund’s advisor and manager of the hotel, according to a spokesperson from URS.
The deal puts to bed a rumor that the property was slated to sell to foreign investors.
In December 2016, U.S. Congressman Alan Lowenthal of Long Beach asked the Treasury Department to probe the potential sale of the Westin to foreign interests — citing national security risks because of its proximity to the Long Beach port. He referenced a Treasury committee’s decision to stop Anbang Insurance Group from purchasing Hotel del Coronado in October — and brought up rumors that the decision was made due to the San Diego County hotel’s proximity to Navy facilities, according to the Press-Telegram.