UNLOCK THE POWER OF THE VAULT

Carey Watermark Investors Sells Its 57% Interest in Westin Atlanta Venture

October 26, 2017

Carey Watermark Investors Sells Its 57% Interest in Westin Atlanta Venture

October 26, 2017 | James Sprow | Blue Vault

money-building

On October 19, 2017, the CWI AM Atlanta Perimeter Hotel, LLC venture, or the Westin Atlanta Venture, in which Carey Watermark Investors Incorporated, or CWI, owned a 57% interest, was sold to an unaffiliated third-party for a contractual sales price of $85.5 million. CWI received net proceeds of approximately $25.9 million. The Westin Atlanta Venture was accounted for under the equity method of accounting.

The Westin-Atlanta Perimeter North is a full-service hotel built in 1986 with 372 rooms as of June 30, 2017. The Carey Watermark Investors share of the 2012 acquisition price was $24.1 million. In May, 2017, the REIT sold the Hampton Inn – Boston Braintree for $19.0 million, a 103-room property which the REIT had purchased in 2012 for $13.1 million. The Company has sold five hotels since January with a total of 844 rooms.

 

didyouknow_sponsorfocus-green

Learn more about W. P. Carey on the Blue Vault Sponsor Focus page.

Click Here

 

recent-news

Carey Watermark Investors and Carey Watermark Investors 2 Announce Acquisition

Carey Credit Income Fund 2016 T Updates NAV

Guggenheim Partners Investment Management to Replace Carey Credit Advisors at Carey Credit Income Fund

 

 

 

Print Friendly, PDF & Email
Go Back
Gregory De Jong, CFP, Co-Founder of Paragon Advisors, LLC.
July 7, 2015

Blue Vault is just what advisors need to size up the different offerings in the nontraded REIT market. Just as importantly, it’s what the industry needs to encourage best practices among REITs.