Israni Family owned Pacifica Companies buys Westin Lake Las Vegas
San Diego based Pacifica Companies, owned by Israni family, became the new owners of Westin Lake Las Vegas. In a foreclosure sale, Pacifica Companies paid $25 million to acquire Westin Lake Las Vegas.
Pacifica Companies owns over 30 prime properties in USA, India and Mexico. Majority of Pacifica’s investment in hotels, resorts, commercial and residential & retirement communities is in California and Florida. Apart from buying Westin in Henderson, NV, Pacifica also owns a luxury town home rental community in North Las Vegas.
Westin Lake Las Vegas, built around a man-made lake, is actually located in the City of Henderson. Originally built under Hyatt brand in 1999, the property was sold to Loews Hotels. Later on the hotel was transformed into Westin brand. The hotel with 493 rooms was build during the nineties’ construction boom. The location, away from the strip and major resorts, was never an attraction for out of town visitors. Although many high profile celebrities who called Lake Las Vegas their home with high end mansions, the hotel itself wasn’t a desired place to enjoy what Las Vegas has to offer.
In June 2015 Las Vegas Business Press cited Trepp report which reported an average 54.7 percent occupancy last year at Westin Lake Las Vegas. For the 12 months that ended April 30, the Westin Lake Las Vegas occupancy rate was 57.1 percent, while the average daily room rate was $116.07, and revenue per available room stood at $66.29. This represents a 9.5 percent increase in RevPAR year over year and a 37.2 percent increase over the last two years.
As per Pacifica website, Pacifica Companies has successfully developed, invested and diversified its assets in the United States since 1978. Their real estate activities have included asset classes such as hospitality, senior housing, multifamily, commercial development, land acquisition, residential development, debt acquisition and REO. Their diversification strategies have led us to investments across 22 different states.