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Carey Watermark Investors
Acquires Sanderling
Resort on North Carolina’s
Outer Banks for $38 Million
|
Forbes Four Star resort located
on one
of few remaining natural barrier
islands in the world
|
New
York, NY – October 2014 / Newsmaker Alert / Carey
Watermark Investors Incorporated (CWI), a non-traded real estate investment
trust (REIT) focused on investing in lodging and lodging-related properties,
announced that it has acquired the Sanderling
Resort, a 106-room full-service resort, located in Duck, North Carolina
on the Outer Banks. The purchase price was $38 million.
Key
Facts
Prominent
location: The Sanderling Resort is situated on 13 acres of land on
the Outer Banks in North Carolina, making it a popular drive-to destination.
The resort is within driving distance of major east coast cities such as
Raleigh (215 miles), Washington D.C. (250 miles), Philadelphia (350 miles)
and Charlotte (375 miles).
Planned
property expansion: The property is approved to add an additional 24
guestrooms to the existing site. CWI plans to begin this project in late
2014 and to deliver the 24 additional guestrooms in time for the 2015 peak
spring and summer seasons.
Attractive
all-in investment: The aggregate $48.1 million investment includes
a $38 million purchase price as well as $10.1 million of other acquisition-related
costs and planned capital expenditures. The acquisition was financed with
$22 million of debt.
Management:
The
resort will continue to be managed by Northview Hotel Group, which has
overseen daily operations at the resort since May 2012 along with a transformational
renovation in 2012-2013.
Property
and amenities:
-
Forbes
Travel Guide Four Star resort
-
106 rooms
comprised of 96 guestrooms housed in three guestroom buildings and five
wholly-owned oceanfront and semi-oceanfront vacation homes
-
Over 6,000
square feet of meeting space including newly built all-weather event pavilion
-
Recently
renovated public areas and enhancements to guestrooms
-
Five restaurants/bars
-
6,000
square-foot, full-service spa
-
Two oceanfront
pools
Management
Commentary
Michael
Medzigian, Chief Executive Officer of CWI, commented: “Situated on one
of the few remaining natural barrier island chains and proximate to several
major markets, including Washington D.C., the Sanderling Resort is well-positioned
to attract guests from the East coast. Our acquisition of the Sanderling
Resort provided the opportunity to add a recently renovated and market-leading,
oceanfront property that we believe has the potential to create long-term
value for CWI’s portfolio.”
Carey
Watermark Investors
CWI
(www.careywatermark.com) is
a publicly registered, non-traded REIT that was formed to make investments
primarily in the lodging and lodging-related sectors. Affiliates of W.
P. Carey Inc. and Watermark Capital Partners advise CWI and manage its
overall portfolio.
Northview
Hotel Group
Northview
Hotel Group is a hotel operating partner that provides hotel management
and construction management services for owners and co-investors. Northview’s
current portfolio includes fourteen unique properties (over 3,100 keys)
ranging from small independent resorts to large urban branded hotels. For
more information, please visit www.nvhg.com.
Forward-Looking
Statements
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 actual results,
performance or achievement to differ materially from those anticipated.
Among those risks, trends and uncertainties are the risks related to CWI’s
public offering; the general economic climate; the supply of and demand
for hotels; interest rate levels; the availability of financing; and other
risks associated with the acquisition and ownership of hotels. For further
information on factors that could impact CWI, reference is made to its
filings with the Securities and Exchange Commission.
Company
contact:
Kristina
McMenamin
W.
P. Carey Inc.
212-492-8995
Press
contact:
Guy
Lawrence
Ross
& Lawrence
212-308-3333 |