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 •
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.