Dauntless does it again: Pasadena hotel fetches $450k per key

Dauntless Capital Partners sold a hotel in Old Town Pasadena for $65 million, or about $451,000 a room, The Real Deal has learned. The buyer is little-known David Lee of Cornerstone Hotel Group, a hospitality management company that has begun to accumulate a portfolio of properties as owner-operator. Cornerstone Hotel Group and Dauntless Capital Partners, a private investment firm led by Craig Ballard and Cramer Williams, confirmed the deal. The Pasadena property is currently a Residence Inn by Marriott at 21 West Walnut Street, minutes away from Rose Bowl Stadium, and developed by Bob Olsen’s Newport Beach-based R.D. Olson. Dauntless […]This article originally appeared on The Real Deal. Click here to read the full story.