Carey Watermark Purchases Boca Raton Marriott at Boca Center
- Jun 16, 2014
Carey Watermark Investors Inc.’s second quarter shopping spree continues as the company picks up the Boca Raton Marriott at Boca Center in Boca Raton, Fla. The REIT acquired the 256-room hotel from HEI Hotels & Resorts, and both parties are remaining mum on the price tag.
Standing on a 2.5-acre parcel at 5150 Town Center Circle, the Boca Raton Marriott sits within the mixed-use Boca Center development. The 12-story property, which also features nearly 14,000 square feet of meeting space and a restaurant, has been swinging its doors open to guests since 1987.
CWI fixed its eye on the asset for good reason. “The acquisition of the Boca Raton Marriott at Boca Center represented the opportunity to invest in a high-quality, full service property in an established market with strong growth prospects and high barriers to entry,” Michael Medzigian, CEO of CWI, said in a prepared statement.
The property will get a makeover courtesy of a $7 million renovation. HEI, which had owned the asset since 2004, will maintain a connection with the Boca Raton Marriott, as the property will continue to operate under the management of an HEI affiliate.
It’s been a busy few months of buying for CWI. In May, the REIT acquired the 365-room Sheraton Austin Hotel at the Capitol in Austin, and purchased the 225-room Courtyard Times Square in New York City, for $95 million. And in April, the company snapped up Hyatt Place Austin Downtown, a 296-room property, for $87 million.