Carey Watermark Sells Interest in Long Beach Properties
Monday July 22nd, 2013 - 9:00AM H
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NEW YORK—Carey Watermark Investors Incorporated has sold its 49% interest in a joint venture owning the Hotel Maya and Residence Inn Long Beach Downtown in Long Beach, CA, to Ensemble Hotel Partners, LLC.
Ensemble Hotel Partners, LLC was Carey Watermark Investor’s partner in the joint venture. The company sold its interest for about $22.6 million. Ensemble will retain the obligations of the joint venture, such as third party debt.
The Hotel Maya—a DoubleTree by Hilton—and the Residence Inn Long Beach Downtown were Carey Watermark Investor’s first investment.
Tags: • Hospitality • Ownership •
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.