MPG Office Trust has sold the Westin Pasadena Hotel in Pasadena, California, for $92 million to an undisclosed buyer. The REIT has used $79.2 million of the proceeds to pay off the mortgage loan encumbered by both the hotel and the adjacent Plaza Las Fuentes office building.
The remaining $13 million of cash proceeds are available to the company as unrestricted cash. Eurohypo and Wells Fargo Bank in 2008 had provided $100 million in financing for the complex, adds Commercial Real Estate Direct. MPG is working with a lender to obtain a new mortgage for the complex’s office component.
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