Thursday July 11th, 2013 - 9:38AM
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.