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Ritz Carlton in Pasadena sold for $170 Million

By Irina Netchaev

Real Estate Broker/Owner with Pasadena Views Real Estate Team, Inc. BRE# 000872112

October 24, 2007 11:59 AM

Ritz Carlton

Ritz Carlton has been a landmark in Pasadena since 1904. It overlooks San Marino and is set on 23 acres of the most beautiful, lush grounds. It has 392 rooms and a wonderful spa. My family and I have been to many Sunday brunches to celebrate special occasions.

So... it's with a sad heart that I read today that Ritz Carlton sold for $170 million. It was purchased in 1994 for $42.5 million by LACERA (Los Angeles County Retirement Association.) The Hong Kong company, Great Eagle, currently owns a chain of luxury hotels in Australia, New Zealand, London, Boston and Hong Kong. The new name of the hotel has not been released.

For additional information, please visit LA Times - http://www.latimes.com/business/la-fi-ritz24oct24,1,2512203.story?ctrack=1&cset=true

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Jeff Dowler, CRS

eXp Realty of California, Inc. - Carlsbad, CA

The Southern California Relocation Dude

Irina:

I love going to the Ritz Carlton chain - we stayed in Laguna Nigel 2 years ago and it was fabulous. You also know what to expect and you get it. Will be interesting to see what it becomes - perhaps the changes will be minimal.

BTW glad to see you back!!

Jeff

Oct 24, 2007 05:56 PM

Bill Nazur

First Lending Solutions - Riverside, CA

Irina

I came from a background of financing hotels for years, and I've NEVER even heard of this Langham Hotels brand...its obvious they have deep pockets, and will be able to promote the market overseas at their other properties....I just don't see how they can retool their business to become more profitable than Ritz, even with the elimination of the franchise fees that are paid to Ritz Carlton (Marriott owns them).

This really makes no sense.....I can assure you that if Ritz is looking at putting another property somewhere in town...so I looked at their website, and they've already announced the Ritz Carlton Los Angeles to open in 2010. It is close enough to Pasadena that I assure you the new buyers were too stupid to research.

Oct 24, 2007 06:12 PM

Rich Jacobson

Fathom Realty West Sound - Poulsbo, WA

Your Kitsap County WA Real Estate Broker

Gee, I didn't even know you were gone!!!.... I really do need to get out more....

Oct 25, 2007 02:26 AM

Irina Netchaev

Pasadena Views Real Estate Team, Inc. - Pasadena, CA

Pasadena CA Real Estate

Jeff, Laguna Niguel Ritz is just gorgeous. I always wanted to stay there and it looks like it might be my opportunity to do so over the next year or so with the Pasadena Ritz closing. I've been tracking your post on the San Diego fires and see that the weather is helping a bit. You and your family are always in my thoughts.

Bill, there's a rumour that they're thinking of turning the property into a vacation resort. We'll just have to wait and see. I'll check out Ritz's website to get more info on the 2010 LA property. Thanks for the visit.

Rich, I"m back and glad to be back. No worries. :-)

Oct 25, 2007 02:53 AM

Ana Connell

G & C Properties - Burbank, CA

Burbank Real Estate Agent

Hi Irina, welcome back! I love going to "tea" at the Ritz, should be interesting to see what happens. It's such an institution......it will be sad to see it renamed.

Oct 26, 2007 12:12 PM

Irina Netchaev

Pasadena Views Real Estate Team, Inc. - Pasadena, CA

Pasadena CA Real Estate

Hi Ana, funny... I was just reading some of your posts! I am sooooo glad to be back! THANKS for visiting!

Oct 26, 2007 12:15 PM

Gary Bolen

McCall Realty - South Lake Tahoe, CA

CRS - Lake Tahoe Real Estate Information

Well that makes some sense. Suspect they will re-do it as well.

Good to hear from you last night, and glad you are back. We just got back from the hospital in Reno, and it seems on the surface we did some good. We've got to take that and turn it into reslove, and then turn that resolve into action. We in fingers crossed mode for the guy.

best... and yes you are welcome for dinner, just say the word.

Oct 26, 2007 02:09 PM

Diane Aurit

LKN Realty, LLC - Mooresville, NC

Lake Norman Real Estate

Irina: This is devastating news for Pasadena! After the Huntington Sheraton remodel I thought the Ritz was such a great asset. What is the community saying?

Oct 27, 2007 02:07 AM

Irina Netchaev

Pasadena Views Real Estate Team, Inc. - Pasadena, CA

Pasadena CA Real Estate

It's interesting Diane. It doesn't look like the word got around. I haven't heard much from anyone on this. Losing the Ritz is pretty devastating. It's an amazing property and a wonderful getaway in the middle of the city.

Richard, I'll take you up on the dinner one day. :-) I'll be thinking about your friend.

Oct 27, 2007 03:13 AM

Faina Sechzer

Henderson-Sotheby's International Realty - Princeton, NJ

Real Estate Expert - Princeton, Montgomery ,Hopewell, NJ

Irena -I love the Ritz brand. I've stayed in the one in London, we had a suit -it was totally awesome. I like the ones in Naples and Miami,Flroda.

In couple of weeks I am making a surprise birthday for my husband, we will stay at the Ritz in Battery Park, Manhattan. They are expensive, but worth it.

I hope you are all charged up from your vacation for more blogging. Thanks for stopping by at my blog.

Oct 27, 2007 03:42 AM

Cynthia Tilghman, Realtor® Onslow County NC Home Specialist

Kingsbridge Realty, Inc - Hubert, NC

Hi Irina,
Too bad about the Ritz. The great thing about the name Ritz is that one can always rely on a quality hotel and service.
I hope you had a great vacation, good to have you back.

Oct 29, 2007 12:27 AM

Irina Netchaev

Pasadena Views Real Estate Team, Inc. - Pasadena, CA

Pasadena CA Real Estate

Cynthia, you are so right... I've always been amazed at the level of customer service at the Ritz. The way they get your name from the moment you hand over your car to the valet and communicate that to the front desk so that you're personally greeted. It's an amazing hotel.

I am soooo glad to be back. Thanks for visiting!

Oct 29, 2007 03:23 AM

Lisa Heindel

Crescent City Living LLC - New Orleans, LA

New Orleans Real Estate Broker

What a beautiful property...at least you have your memories of good times there.

Oct 29, 2007 06:32 AM

Chris and Maria Jeantet

Shasta Living Real Estate - Redding, CA

Top Realtors in Redding CA

sad news, but a true reflection of the type of world we live in "a global one". I predict our business as realtors is headed in that direction. We will be global Realtors all sharing one MLS system! Crazy hugh?

Oct 29, 2007 11:10 AM

Rick Grand

nowhere - Eugene, OR

oh wow...thats not a bad little appreciation for their purchase... I've never been there but it does look amazing.

Oct 31, 2007 06:11 AM

Irina Netchaev

Pasadena Views Real Estate Team, Inc. - Pasadena, CA

Pasadena CA Real Estate

Lisa, it really is a very lovely property. It's peaceful and serene. I hope that it will remain that way.

Chris & Maria, California Association of Realtors is already working on one MLS system. I can't say that I'd have a problem with that. I'm tired of being gouged by all the different associations for their quarterly fees. It will also be easier for the consumer.

Rick, agree! Nice appreciation!

Oct 31, 2007 09:50 AM

Cyndee Haydon

Charles Rutenberg Realty - Clearwater, FL

727-710-8035 Clearwater, Beach Short Sales Luxury Condos &Homes

Irina - what a loss - I love the Ritz Carlton - nothing says luxury like Ritz. Thanks for the update :-)

Nov 03, 2007 02:56 AM

Anonymous

Steve Strong

As a bellman who worked at the Ritz-Carlton, Huntington Hotel & Spa for over 4 years, I appreciate all the positive comments about our service and concern for the preservation of the property. For several years many of us have been trying to organize a union at the hotel, as our work conditions are not what you would imagine from a high end hotel. When we heard of the sale we went public with our efforts, expecting LACERA, which is predominantly union pension fund money, to respect what we have done in making the hotel a success story for them, and grant us a Labor Peace Agreement, which would facilitate our organizing through a card check and neutrality agreement, and provide successorship language in the sales contract to give us job security and a voice in future changes, which they have so far failed to do.

You can read more this at http://www.ritzhuntingtonwatch.info/ My co-workers and I are involved in lawsuits related to wage and hour violations, discrimination, hostile work environment, and unfair labor practices, as they tried to silence and intimidate workers from getting involved with legally protected union activity.

LACERA also denied the union and community a FOIA request about their marketing, which may bring legal trouble. We are concerned about condo and other development that could affect our jobs and the hotel. While the cottages are historically protected, much of the property is not, and the main building was built around 1990.

We along with many in the community are supporting an anti-condo initiative with the city to prevent this possibility since LACERA so far has been an irresonsible and unaccountable neighbor.

LACERA is in escrow with the new buyer (see links below for sales agreement), so any support from the community to preserve the historic nature of the hotel, our jobs, and help us improve conditions and have a voice in our work would be greatly appreciated!

Steve Strong
strong_steve@yahoo.com

http://www.greateagle.com.hk/english/investor/pdf_files/e-Announcement.pdf

http://www.greateagle.com.hk/english/investor/pdf_files/e-Announcement%20-%20Supplemental%20Agreement-2007-11-13.pdf

http://www.greateagle.com.hk/english/

Nov 13, 2007 10:57 AM

#21

Irina Netchaev

Pasadena Views Real Estate Team, Inc. - Pasadena, CA

Pasadena CA Real Estate

Steve, thank you for visiting my blog and providing the links. I will check them out.

I, also, would love to see the property preserved given its historic nature and beauty. I do not see Pasadena needing any more condos. Please feel free to forward any articles or features to me and I will post it on my blog to give this issue awareness.

I will also spread the word around the real estate community.

Thanks to you and to your coworkers for making our Ritz trips so memorable! We hope to have many more.

Nov 13, 2007 12:01 PM

Katie Graham

Cherry Creek Properties, LLC - Denver, CO

Denver Real Estate

That is a sad turn of events. We are so excited to have a new Ritz-Carlton here in Denver. The new hotel even includes Ritz-Carlton Residences!

Mar 10, 2008 08:00 AM