W.P. Carey Picks Up Resort Hotel in Club Med Network
- Jan 14, 2015
CPA:18 – Global, one of W. P. Carey Inc.’s managed non-traded REITs has acquired La Plantation d’Albion Club Med, the parent firm has announced. The transaction was worth $72. The facility is currently triple net-leased for an initial term of 15 years to a subsidiary of Club Mediterranee SA, Holiday Village Management Services Ltd. The inflation-protected euro lease is guaranteed by Club Med.
The 266-room resort hotel is situated on 53.4 acres of natural tropical woodland in Albion, a village on the northwestern coast of the island of Mauritius, less than nine miles from the capital city. Mauritius ranks 20th in The World Bank’s “Ease of Doing Business Index,” which evaluates economies based on how conducive the regulatory environment is to starting and operating a company. The location also supports Club Med’s increased focus on the Asian tourism market.
Built in 2007, the hospitality complex includes two gourmet restaurants, three ocean view bars, two beaches and a health club, as well as three large swimming pools, six synthetic-surface tennis courts and a mini golf course. The property is one of only two Club Med 5-Trident resorts, which means it represents the highest level of quality offered within the Club Med worldwide network. Guests can choose from three major room types ranging from 440 to 765 square feet, all with optional sea view and the possibility of interconnecting units of different character. The hotel also offers a special room for people with reduced mobility.
CPA®:18 – Global is the 17th offering in the series of CPA® programs sponsored by W. P. Carey Inc. since 1979. The non-traded REIT’s investment strategy includes the acquisition, ownership and management of a portfolio comprising diverse income-generating commercial properties and real estate-related assets. As of today, 15 of the previous programs have liquidated and the company has raised approximately $8.6 billion in equity from more than 100,000 investors, with approximately $18 billion in global assets under ownership and management.