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Hospitality and Lodging Non-Traded REIT Completes Major Renovations

The Westin Atlanta Perimeter North, a hotel in Atlanta, Georgia, recently completed costly renovations to its property, with its 372 guestrooms and its public spaces undergoing transformations.

Carey Watermark Investors (CWI), a non-traded REIT that specializes in hospitality and lodging, owns 57% of the hotel, with the remainder owned by The Arden Group and Marcus Hotels & Resorts.

CWI acquired its ownership interest in October 2012 for a contribution of $12.4 million. Total funding for the venture was approximately $57 million including $14 million for the renovations, which are now complete.

The hotel expanded its 20,000 square feet of meeting and event space and added two additional boardrooms plus a Westin Executive Club Lounge. The hotel also features an outdoor pool and a fitness studio. In addition, a full-service restaurant, Savor bar & kitchen, was added.

Located approximately 15 miles from downtown Atlanta, the property is situated in Atlanta’s second-largest office sub-market and is within the Concourse Corporate Center, a 63-acre, mixed-use complex featuring 2.1 million square feet of Class A office space, as well as restaurants, retail shops, and services.

“We are thrilled to debut the revitalized Westin Atlanta Perimeter North to our guests and residents in the Atlanta metro area. Business and leisure travelers alike can recharge and rejuvenate while enjoying all of the Westin brand’s signature elements and amenities to inspire well-being,” commented Martin van der Laan, general manager.

Through the end of Q2, CWI had raised over $700 million in its open, public offering. Its assets include 23 properties with an asset value of just over $1.3 billion.