Le Lézard
Classified in: Tourism and vacations, Business
Subject: TNM

Bacara Resort & Spa Acquired by Carey Watermark Investors and Carey Watermark Investors 2

NEW YORK, Sept. 29, 2017 /PRNewswire/ -- Carey Watermark Investors Incorporated (CWI 1) and Carey Watermark Investors 2 Incorporated (CWI 2), two non-traded real estate investment trusts (REITs) that invest in lodging and lodging-related properties, announced that they have acquired Bacara Resort & Spa. Strategically located on 78 oceanfront acres in close proximity to Santa Barbara and the Santa Ynez Valley wineries, the irreplaceable 358-key resort is one of a limited number of luxury oceanfront resorts on the California coast.

Bacara Resort & Spa Acquired by Carey Watermark Investors 
and Carey Watermark Investors 2

Key Facts

Management Commentary
Michael Medzigian, Chief Executive Officer of CWI 1 and CWI 2, said: "The acquisition of Bacara Resort & Spa represented the opportunity to acquire one of a select few true luxury California oceanfront resorts in a one-of-a-kind location. Given the lack of comparable sites, the difficulty, time and effort associated with obtaining approvals and entitlements as well as the enormous cost to construct a property of this scale and caliber, the property is truly irreplaceable from both a cost and opportunity standpoint. In conjunction with the acquisition we are extremely pleased to continue to expand on our already important relationship with The Ritz-Carlton and Marriott International and to work in partnership with them in the conversion of the property to a best-in-class Ritz-Carlton resort that will continue to serve as an integral part of the local community. This acquisition will represent the fifth Ritz-Carlton property in the CWI 1 and CWI 2 portfolios which include The Ritz-Carlton Fort Lauderdale, The Ritz-Carlton Key Biscayne, The Ritz-Carlton Philadelphia and The Ritz-Carlton San Francisco.

"We believe that the extensive, recently completed renovations and the Ritz-Carlton rebranding, in combination with our further investment in strategic property improvements and implementation of value-add operational enhancements, will increase overall profitability and reposition the property at the top of its competitive set within both the Santa Barbara and the luxury Southern California oceanfront resort markets. Consequently, we see Bacara as both a strategic and opportunistic acquisition that will enhance the overall quality of our portfolio, capitalizing on the significant potential for generating additional cash flow and building incremental long-term value for CWI 1 and CWI 2 investors."

Carey Watermark Investors
Carey Watermark Investors 1 Incorporated (CWI 1) and Carey Watermark Investors 2 Incorporated (CWI 2) are publicly registered real estate investment trusts (REITs) that were formed to make investments primarily in the lodging and lodging-related sectors and in recent years have been one of the largest and most active investors in the lodging industry. Affiliates of W. P. Carey Inc. and Watermark Capital Partners advise CWI 1 and CWI 2 and manage their overall portfolios. www.careywatermark.com, www.careywatermark2.com

This press release contains forward-looking statements within the meaning of the Federal securities laws. The statements of Mr. Medzigian are examples of forward-looking statements. A number of factors could cause CWI 1 and CWI 2's actual results, performance or achievement to differ materially from those anticipated. Among those risks, trends and uncertainties are the general economic climate; the supply of and demand for hotels; interest rate levels; the availability of financing; other risks associated with the acquisition and ownership of hotels. For further information on factors that could impact CWI 1 and CWI 2, reference is made to their filings with the Securities and Exchange Commission. Statements about past performance (including RevPAR growth) are presented for informational purposes only and are not a guarantee of future results.

SOURCE Carey Watermark Investors Incorporated

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News published on 29 september 2017 at 07:30 and distributed by: