The boards of Carey Watermark Investors Inc. I and II, publicly registered non-traded real estate investment trusts sponsored by W.P. Carey (NYSE: WPC), have announced that several members of the REITs’ boards have resigned.
Robert E. Parsons, Jr., who also served as chairman of the audit committee, and William H. Reynolds, Jr. resigned from the board of directors of Carey Watermark Investors. Both Parsons and Reynolds will remain independent directors of Carey Watermark Investors 2 Incorporated.
In addition, Carey Watermark Investors 2 Inc. announced the resignation of two of its board members, Charles S. Henry and Michael D. Johnson. Henry and Johnson will remain independent directors of Carey Watermark Investors Incorporated.
The REIT did not announce that there were any disagreements that caused the resignations.
Carey Watermark Investors launched in September 2010 and closed in December 2014 after raising $1.1 billion in investor equity, according to Summit Investment Research. The company’s portfolio was comprised of 31 properties with a total investment cost of nearly $2.4 billion, as of the fourth quarter of 2017.
Carey Watermark Investors 2’s initial public offering was declared effective in February 2015 and closed in June 2017 after raising $861 million in investor equity, according to Summit Investment Research. The company owns a portfolio of 12 properties with a total investment cost of nearly $1.6 billion, as of the fourth quarter of 2017.