November 3, 2022
MCR — the country’s 4th-largest hotel owner-operator — has reopened the historic, 161-room Pasadena Hotel & Pool on Colorado Boulevard and Lake Avenue following an extensive restoration of the hotel’s public spaces. It is the company’s second hotel in California.
MCR purchased the hotel, formerly named Hotel Constance, in February 2022. The hotel had been closed since March 2020 and was acquired following a bankruptcy at a 50% discount to the seller’s basis and estimated replacement cost. MCR closed the purchase, which included an adjacent office building, in 30 days and subsequently invested $4 million of incremental capital in renovations and building system upgrades.
The guestrooms, which had been renovated by the prior owner, benefit from above average square footage. Other hotel features include 11 indoor and outdoor event spaces and a 24-hour fitness center. The hotel’s Presidential Suite offers a 1,000-square-foot terrace with prime views of Colorado Boulevard and the Tournament of Roses parade. This year’s parade will take place on January 2, 2023 and attracts over one million visitors to Pasadena annually.
Built in 1926, the hotel encompasses a full city block in Pasadena and includes space for parking, office and retail. The hotel is steps from the shopping and dining along South Lake Avenue and a short walk away from Old Pasadena, which encompasses 22 blocks designated as a National Register Historic District. Distinguished by its historic architecture, “Old Pas” has more than 300 restaurants and shops, many of which are independent businesses found “Only in Old Pas.”
Also minutes from the hotel are major cultural attractions such as the Rose Bowl, Pasadena Playhouse, Norton Simon Museum, Caltech, Huntington Library, Art Museum and Botanical Gardens and the Jet Propulsion Lab (“JPL”). NASA’s only federally funded research and development center, JPL is a leader in robotic space exploration, building rovers to explore Mars and unmanned probes to survey the outer edges of the solar system. The facility is managed by nearby Caltech and offers free tours to the public.
The Pasadena Hotel & Pool is located at 928 East Colorado Boulevard (at Lake Avenue) and features:
• 161 pet-friendly guestrooms and suites
• An outdoor rooftop pool
• A lobby bar that goes from coffee to cocktails
• A Mediterranean-style courtyard
• A Presidential Suite featuring a 1,000-square-foot terrace overlooking Colorado Boulevard
• 11 event spaces, both indoor and outdoor
• Multi-level Parking Garage
• Fast, free Wi-Fi
• A 24-hour fitness center
Reserve rooms by phone at +1 (626) 884-4150 or online at pasadenahotel.com.
MCR is actively leasing office and retail space. For leasing information, please contact Steve Marcussen at Cushman & Wakefield (email@example.com).