CWI Acquires Sonoma Resort
Thursday July 11th, 2013 - 9:38AM EHQ
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NEW YORK—Carey Watermark Investors Inc. (CWI) acquired a 75% interest in the Fairmont Sonoma Mission Inn & Spa from Fairmont Hotels & Resorts.
Fairmont, the prior owner, will continue to manage the resort under a long-term management agreement and has retained a 25% ownership interest.
The JV’s investment in the property totals approximately $97.1 million, which was financed with $44 million of debt. CWI invested approximately $73.3 million, including its allocated portion of debt.
A multiphase renovation of the property is ongoing, which will cost approximately $10.7 million upon completion. The first phase—which includes updates of all Heritage Rooms; a complete refresh of the lobby and dining room, Santé; and the creation of a new lobby bar—is nearing completion. Over the next two years, the hotel will renovate the spa and other areas.
Located in Sonoma Valley, the 226-room resort offers access to the Sonoma Golf Club; the 40,000-sq.-ft. Willow Stream Spa; two restaurants; and 12,000 sq. ft. of meeting space. The hotel includes a business center, fitness center, access to tennis courts, concierge services, a gift shop, laundry service and valet parking.
Tags: • Hospitality • Acquisitions • Ownership • Owners/Operators •
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.