Watermark, W.P. Carey Venture Seeks REIT Status
Friday April 11th, 2008 - 5:02PM
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—According to filings with the United States Securities and Exchange Commission, a newly formed venture between W.P. Carey and Watermark Capital Partners—Carey Watermark Investors Inc.—is seeking real estate investment trust (REIT) status in order to acquire, own and dispose of lodging and lodging-related properties.
Additionally, It expects to manage interests in such properties through its advisor, Carey Watermark Advisors, LLC, a recently formed joint venture between CWA Management, LLC, an indirect subsidiary of W. P. Carey, and CWA, LLC, a subsidiary of Watermark Capital Partners.
W. P. Carey is a New York Stock Exchange-listed real estate advisory and investment company.
Watermark Capital Partners is a private investment firm formed in May 2002 that focuses on assets that are in need of specialized marketing strategies and demographic shifts, including hotels and resorts, resort residential products, recreational projects and mixed-use projects.
Watermarks principal is industry veteran Michael Medzigian, former CEO of Lazard Freres Real Estate Investors, a real estate private equity management firm.
Watermark and Carey previously partnered on two lodging deals: the acquisition of a 280-room Doubletree Hotel in Memphis, TN, and the renovation and reflagging of a 226-room Holiday Inn in Livonia, MI.
The organizations office is located in Lake Forest, IL.
The most recent NYU Conference, earlier this month proved, once and for all, that the lodging industry has finally turned the corner and happy days are, indeed, here again. While the economists and pundits all provided plenty of anecdotal evidence to bear that out in terms of supply and demand ratios, RevPAR projections, asset values and all the other metrics, that’s not what has me convinced.