Hotel for sale.

The owner of the Westin Century Plaza has put the high-profile property on the market.

Eastdil Realty's Steve McKenzie confirmed that the hotel's owner, Phoenix-based Pivotal Group, has retained the firm to sell the 728-room hotel.

"We anticipate a high level of interest in the property given the hotel's iconic standing," McKenzie said. "Ownership has directed Eastdil to conduct these discussions on a selective basis with pre-qualified investors."

Hotel brokers believe pricing on the Century Plaza, one of the premiere hotels on the Westside, will start somewhere between $181 million and $235 million.

"First and foremost buyers will be attracted by the location because Century City and the Westside are extremely strong," said Alan Reay, president of Costs Mesa-based Atlas Hospitality Group. "There are huge barriers to entry in terms of duplicating the product and it's a world famous hotel."

The hotel has hosted every U.S. President since its completion in 1966, and its ballroom has served as the location for many prominent events, including Gov. Arnold Schwarzenegger's 2003 victory party.

Last year, Pivotal Group sold the adjacent 300-room St. Regis Hotel to Related Cos. for about $125 million as a condominium conversion. The Century Plaza is not expected to be a candidate for condo conversion.

Six years ago, Pivotal Group bought both the St. Regis and the Century Plaza for about $220 million. Pivotal Chairman and Chief Executive Francis Najafi then sunk $60 million into renovations of both properties.

With few L.A. hotels on the market, hotel investors are likely to be very aggressive in buying the property, said Jim Butler, a partner in the hospitality practice at Jeffer Mangels Butler & Marmaro LLP. "Most experts would say L.A. is in the top three cities in the country for hotel investment," he said.