Carey Watermark Taps John Hardy to Manage Portfolio Repositioning
- Jun 01, 2015
Carey Watermark Investors has a repositioning program underway and the lodging REIT has selected The John Hardy Group to spearhead the endeavor. JHG will program manage the transformation of a major segment of Carey Watermark’s hotel assets as they are added to the company’s portfolio.
JHG will have its hands full as Carey Watermark acquires undervalued assets in urban and resort environments with the goal of reinventing them as high-performing hotels. JHG is undaunted by the task at hand.
“We specialize in transformational development services. This repositioning program taps our ability to work across brands, locations and deal types–treating each project as if it were our own investment,” John Hardy, CEO, of JHG, told Commercial Property Executive.
JHG’s responsibilities will encompass full due diligence, project management, program management and owner’s representation for what is currently a group of 18 properties with locations spanning the country. The collection includes the likes of Chicago Renaissance, Boca Raton Marriott, Westin Pasadena, Westin Minneapolis, and the Fairmont Sonoma Spa and Water Tower. Carey Watermark snapped up the 350-room Westin Pasadena in suburban Los Angeles and the 214-room Westin Minneapolis during the first quarter of 2015 for $142.5 million and $66.4 million, respectively. JHG will have at least $15.5 million to do its job at the Westin Pasadena alone.
If all goes as planned, the multi-property makeover project will reach full completion in 2016.
The program, Hardy believes, is a wise undertaking. “Carey Watermark Investors and [CEO] Michael Medzigian is one of the most astute investors in the marketplace today and will continue to see success today and in the future,” Hardy added.