Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) announced today that they completed the sale of the 460-room Westin Long Beach in California for $88.4 million to a joint venture between Noble Investment Group and AEW Capital Management, LP., representing one of its institutional clients. The Westin Long Beach will continue to fly the Westin flag under a long-term license agreement. This sale represents the first part of a strategic plan for Noble to acquire additional assets from Starwood.
Located in downtown Long Beach on Ocean Blvd., the 16-story Westin is conveniently located across the street from the Long Beach Convention and Entertainment Center, and one mile from the Pacific Ocean and the Ports of Long Beach and Los Angeles. As an upper-upscale hotel, The Westin Long Beach offers a wide array of signature Westin amenities as well as a lobby bar, the Grille Restaurant and an outdoor heated swimming pool.