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Carey Watermark Investors Acquires Boca Raton Marriott

Non-traded REIT, Carey Watermark Investors Incorporated (CWI), announced today that it has acquired a hotel in Boca Raton, Florida. Located at 5150 Town Center Circle, the Boca Raton Marriott at Boca Center is a full service hotel with 256 rooms.

The hotel is located in a mixed-use development that boasts 21 stores, 12 restaurants, and 375,000 square feet of office space. The 12-story building includes such amenities as two Concierge club levels, a fitness center, a business center, an outdoor pool, and a spa. In addition, it offers complimentary wireless internet access. The hotel has recently renovated public areas, but CWI has planned significant enhancements to the guestrooms, corridors, and meeting space at an estimated cost of $7 million.

Michael Medzigian, Chief Executive Officer of CWI, said in a statement, “The acquisition of the Boca Raton Marriott at Boca Center represented the opportunity to invest in a high quality, full service property in an established market with strong growth prospects and high barriers to entry. We believe that our planned hotel renovations—updating guest rooms to the Marriott ‘Room of the future’ brand standard and refreshing meeting spaces and guestroom corridors—will reinforce the hotel’s status as a market leader.”

The hotel benefits from its affiliation with the Marriott brand and from the thriving Boca Raton market and will continue to be managed by an affiliate of HEI Hotels & Resorts.

Launched in 2010, CWI focuses on investing in lodging and lodging related sectors. The company raised $586.2 million in its initial public offering and has raised $17.6 million through March 31, 2014 in its follow-on offering.