Carey Watermark Investors 2 Acquires the 372-room San Diego Marriott La Jolla
July 25, 2016 1:07pm
NEW YORK, July 25, 2016 -- Carey Watermark Investors 2 Incorporated (CWI 2), a non-traded real estate investment trust (REIT) focused on investing in lodging and lodging-related properties, announced that it has acquired San Diego Marriott La Jolla. The hotel includes 372 guestrooms and is located in La Jolla, one of San Diego's strongest and most affluent submarkets.
Michael Medzigian, Chief Executive Officer of CWI 2, said: "The opportunity to expand our West Coast presence and at the same time acquire a recently renovated, high-quality property allowed us to add a strong cash flowing asset in a submarket with very high barriers to entry. We believe the hotel's prime La Jolla location will allow us to continue to benefit from the strong demand generators in greater San Diego, while at the same time mitigating long-term supply risk as a result of the high degree of difficulty and expense that go along with new construction in this area. The acquisition also provides CWI 2 with the opportunity to geographically diversify its portfolio with an acquisition in a strong Southern California market. We are extremely pleased to continue to expand on our already important relationships with both Marriott International and HEI Hotels & Resorts."
Tags: carey watermark investors 2,
san diego marriott la jolla,
hei hotels & resorts
Carey Watermark Investors 2 (CWI 2) is a publicly registered 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 2 and manage its overall portfolio. www.careywatermark2.com
Contact: Guy Lawrence
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 CWI 2's actual results, performance or achievement to differ materially from those anticipated. Among those risks, trends and uncertainties are the general economic climate; the supply of and demand for hotels; interest rate levels; the availability of financing; other risks associated with the acquisition and ownership of hotels; and risks related to CWI 2's offering of shares. For further information on factors that could impact CWI 2, reference is made to its filings with the Securities and Exchange Commission. Statements about past performance (including RevPAR growth) are presented for informational purposes only and are not a guarantee of future results.
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