Carey Watermark Investors Acquires Sheraton Austin Hotel at the Capitol
Friday May 30th, 2014 - 9:09AM E
| | | | | | | | | | |
These are shortcuts to your favorite social networking and bookmark sites. Add this story to your Facebook page, del.icio.us, DiggIt, and many others!
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 •
The theme of this year’s ALIS conference was “Don’t Worry, Be Happy.” But, lets face it, there are always going to be some people who aren’t happy unless they are worried about something—whether it’s the Fed potentially raising interest rates or that the price of oil is now too low, threatening to cripple the economies of some foreign nations.