Carey Watermark Investors Acquires Sheraton Austin Hotel at the Capitol
Friday May 30th, 2014 - 9:09AM E
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NEW YORK—Carey Watermark Investors Incorporated (CWI) has acquired the 365-room, 15-story Sheraton Austin Hotel at the Capitol through a joint venture with JMI Realty.
CWI holds an 80% interest in the joint venture and JMI Realty holds 20% ownership interest.
The full-service property will undergo a $6-million renovation including guestrooms and public spaces. It will continue to be managed by an affiliate of HEI Hotels & Resorts. Amenities include 17,250 sq. ft. of meeting and function space including a 9,650-sq.-ft. ballroom, an indoor and outdoor pool, a business center, Sheraton Core Fitness Center, Three-meal Landmark Restaurant and lobby bar.
Tags: Carey Watermark Investors Incorporated • CWI • Sheraton Austin Hotel at the Capitol • JMI Realty • joint venture • HEI Hotels & Resorts • Hospitality • Acquisitions •
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