Carey Watermark Investors 2 Inc. Completes 50 Percent Controlling Interest Buy in Florida

According to a recent SEC filing, subsidiaries of Carey Watermark Investors 2 Inc., a non-traded REIT sponsored by W.P. Carey and Watermark Capital Partners, completed the acquisition of a 50 percent controlling interest in a joint venture, and transferred ownership of the Marriott Sawgrass Golf Resort and Spa from their affiliate Carey Watermark Investors Inc.

The 511-room Marriott Sawgrass Golf Resort and Spa is located in Ponte Vedra Beach, FL and features a 25,000 square-foot spa with 19 treatment rooms and a 2,700 square-foot fitness center. It also includes 70,000 square feet of meeting space, a main pool, a children’s pool, and eight food and beverage outlets. There are traditional hotel rooms located in a seven-story tower as well as 81 resort villas, which have water and golf course views.

According to an article on The DI Wire from October of 2014, Carey Watermark Investors, which specializes in hospitality and lodging, purchased the property for an “attractive price,” according to a source at the time, with plans to upgrade.

The article also noted that the property underwent a $20.3 million renovation earlier in 2008 that improved the lobby, meeting and event spaces, food and beverage outlets, villa guestrooms, tower suites, and the Cabana Beach Club. The company also planned to spend another $25 million on improvements to the property.

Carey Watermark Investors closed its initial public offering in September 2013 after raising $586.2 million. Shortly after, it commenced a follow-on offering, which has raised $111.3 million through June 30, 2014.

In other recent Carey Watermark news, as The DI Wire previously reported, Carey Watermark Investors Incorporated (CWI 1) and Carey Watermark Investors 2 Incorporated (CWI 2), along with an affiliate of the property’s original developer, GB Key Biscayne Holdings, LLC, acquired the Ritz-Carlton Key Biscayne, Miami. To read more on that story, click here.