The Westin Long Beach was sold for roughly $84.8 million to Boston-based real estate investment firm Rockpoint Group. The property sold for nearly $4 million less than when it was last sold in 2006, according to real estate data from Real Capital Analytics.
The 460-room hotel is located at 333 E. Ocean Blvd., and was purchased from a joint venture between Noble Investment Group, an Atlanta-based hospitality real estate investment firm, and Boston-based real estate investment manager AEW Capital Partners. The hotel sold for roughly $184,000 per room.
The joint venture between Noble Investment Group and AEW Capital Partners purchased the property from Starwood Hotels & Resorts in 2006 for $88.4 million.
The hotel, which is located near the Long Beach Convention & Entertainment Center, found itself at the center of national security concerns late last year after Congressman Alan Lowenthal wrote to Treasury Secretary Jacob Lew requesting a national security review of the property's potential sale to "entities tied to foreign states" after the sale of San Diego's Hotel del Coronado to Anbang Insurance Group of China.
The Westin Long Beach is located next door to the U.S. Customs and Border Protection–Los Angeles/Long Beach Sea Port office, which handles information relative to interstate commerce. The hotel is also a frequent host to clients from the Department of Defense, Department of Justice, Department of Homeland Security and the Federal Energy Regulatory Commission.