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8-K - FORM 8-K - Carey Watermark Investors Inc | y91238e8vk.htm |
EX-10.1 - EX-10.1 - Carey Watermark Investors Inc | y91238exv10w1.htm |
Exhibit 99.1
Carey Watermark Investors Acquires Long Beach Waterfront Hotels
May 06, 2011
Marks CWIs initial lodging investment
New York May 6, 2011 Carey Watermark Investors Incorporated (CWI) announced today that it has
closed on a joint venture investment of approximately $88 million with Ensemble Hotel Partners, LLC
(Ensemble), the owner of two hotel properties located on the waterfront in Long Beach, CA. CWIs
investment is approximately $43.6 million. The propertiesthe Hotel Maya, a Doubletree by Hilton;
and the Residence Inn by Marriottare the only waterfront hotels in the Long Beach market. The
Hotel Maya is an upscale, full-service urban resort. Located on 12 waterfront acres, the hotel
includes 194 guestrooms, 20,000 square feet of interior/exterior meeting space and a 60-slip
marina. The Residence Inn, located on a three acre waterfront site adjacent to the Hotel Maya, is
a 178 unit all-suite extended stay hotel.
Commenting on the investment, Michael Medzigian, Chief Executive Officer of CWI, said, As CWIs
first transaction, this is an excellent example of how we can effectively enter into joint ventures
to leverage our hospitality industry and asset management expertise. These two high quality and
uniquely located properties offer value creation opportunities through a stabilized financial
structure and a targeted capital investment program. We look forward to working with Ensemble to
achieve our mutual investment goals and to increase the contribution the properties can make to the
Long Beach economy by attracting additional travelers, business functions and other types of events
to the city.
Trevor Bond, Chairman of the Board of CWI and President and Chief Executive Officer of W. P. Carey
& Co. LLC, noted, CWIs investment process is based on identifying properties that can benefit
from our ability to provide capital as well as underwriting the proposed investment based on market
fundamentals, property attributes, financial considerations and real estate considerations. Each
transaction is then vetted in the context of a property-specific business plan formulated to
achieve our broader investment objectives. Consistent with this process, the joint venture with
Ensemble aligns our goals of long-term growth in value and generation of attractive, risk adjusted
returns for our investors with those of a highly regarded development and management company active
in the local community.
Ed Proenza, Senior Vice President of Ensemble Hotel Partners, LLC, based in Long Beach, California,
noted, We are very excited to be partners with CWI on its initial investment and look forward to
working together to maximize the potential of these waterfront hotels.
Carey Watermark Investors
Carey Watermark Investors Incorporated is a publicly registered non-traded real estate investment
trust (REIT) that was formed to make investments primarily in the lodging and lodging-related
sectors. Affiliates of W. P. Carey & Co. LLC (NYSE: WPC) and Watermark Capital Partners, LLC advise
the REIT and manage its overall portfolio. www.careywatermark.com
Ensemble Real Estate
Ensemble Hotel Partners, LLC is engaged in development and management of unique hotel properties
with an eye toward value creation. Ensemble Hotel partners, LLC is part of a group of companies
(Ensemble Real Estate) that own, manage and lease in excess of 5.5 million square feet of
commercial properties in Arizona, California, Nevada, Pennsylvania and Washington.
Forward-Looking Statements
Certain statements contained herein may be deemed to be forward-looking statements under federal
securities laws and the company intends that such forward-looking statements be subject to the
safe-harbor provisions created thereby. All forward-looking statements are qualified in their
entirety by this cautionary statement and Carey Watermark Investors Incorporated and its related
and affiliated
companies assume no, and hereby disclaim any, obligation to update the
forward-looking statements contained herein. This caution is made under the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995.
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