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Carey Watermark Sells Interest in Long Beach Properties

Monday July 22nd, 2013 - 9:00AM

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.