Carey Watermark Investors, a publicly registered non-traded real estate investment trust sponsored by W.P. Carey (NYSE: WPC), purchased The Equinox Golf Resort & Spa in Manchester, Vermont.
The historic resort is located on 1,300 acres between the Green and Taconic Mountains and includes 195 guestrooms, 18,500 square feet of flexible meeting and event space, an 18-hole championship golf course, five food and beverage outlets, and a 13,000-square-foot spa with indoor swimming pool, yoga studio and fitness center. Originally built in 1796, the resort is listed on the National Register of Historic Places.
In 2008, the property was converted to a resort and became part of Starwood’s The Luxury Collection brand. Starwood is a global hotel company with a portfolio of more than 1,270 properties in more than 100 countries worldwide. The hotel will continue to be managed by HEI Hotels & Resorts.
“The Equinox transaction allowed us to acquire an iconic Northeastern resort that significantly benefits from its proximity to both Boston and New York City. The investment represents a further expansion of our portfolio of irreplaceable resort and urban lodging properties, as well as the expansion of our already important relationships with Starwood Hotels & Resorts and HEI Hotels & Resorts,” said Michael Medzigian, chief executive officer of CWI 1.
Since 2007, more than $20 million in capital expenditure projects were completed at the resort, including a full guestroom and public area renovation, as well as significant investment into the mechanical, electrical, plumbing and building façade.
The REIT plans to spend an additional $6 million on additional property enhancements, including a soft goods guestroom renovation, public/meeting space and food and beverage outlet improvements, and other building and mechanical upgrades.
The DI Wire reported yesterday that the REIT also acquired the remaining 25 percent interest in the Fairmont Sonoma Mission Inn & Spa, bringing its ownership of the property to 100 percent.
In other Carey Watermark Investors news, former chief executive officer and director of W. P. Carey Inc., Trevor P. Bond, resigned from the board of Carey Watermark Investors. According to a filing with the Securities and Exchange Commission, he did not resign due to any disagreement with the company.
Carey Watermark Investors Incorporated was formed to make investments primarily in the lodging and lodging-related sectors.