NEW YORK—Carey Watermark Investors Incorporated (CWI) has acquired the 365-room, 15-story Sheraton Austin Hotel at the Capitol through a joint venture with JMI Realty.
CWI holds an 80% interest in the joint venture and JMI Realty holds 20% ownership interest.
The full-service property will undergo a $6-million renovation including guestrooms and public spaces. It will continue to be managed by an affiliate of HEI Hotels & Resorts. Amenities include 17,250 sq. ft. of meeting and function space including a 9,650-sq.-ft. ballroom, an indoor and outdoor pool, a business center, Sheraton Core Fitness Center, Three-meal Landmark Restaurant and lobby bar.