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 •
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.