Carey Watermark Investors Acquires Boca Raton Marriott
Friday June 13th, 2014 - 9:21AM EB
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BOCA RATON, FL—Lodging REIT Carey Watermark Investors Inc. acquired the Boca Raton Marriott at Boca Center, a 256-room full service hotel, located here at 5150 Town Center Circle in the Boca Center mixed-use development.
The Boca Center includes 375,000 sq. ft. of Class-A office space, 21 stores and 12 restaurants. Additionally, the hotel is adjacent Town Center at Boca, the second largest mall in Florida by square footage with more than 1.5 million sq. ft.
According to the company, the hotel will undergo a renovation that will include guestrooms, corridors and meeting space at an estimated cost of more than $7 million.
The hotel will continue to be managed by an affiliate of HEI Hotels & Resorts.
Michael Medzigian, CEO of CWI: “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. We believe that our planned hotel renovations—updating guestrooms to the Marriott ‘Room of the future’ brand standard and refreshing meeting spaces and guestroom corridors—will reinforce the hotel’s status as a market leader."
Tags: Carey Watermark Investors • Michael Medzigian • Boca Raton Marriott at Boca Center • Hospitality • Brands • Acquisitions •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.