July 26, 2016 Comments Off on Carey Watermark Diversifies with UTC Marriott Hotel Acquisition Views: 415 California News, San Diego, West

Carey Watermark Diversifies with UTC Marriott Hotel Acquisition

New York-based REIT Carey Watermark Investors 2 Inc. (CWI 2) acquired the San Diego Marriott La Jolla from an affiliate of CT-based HEI Hotels & Resorts for an undisclosed amount. The 14-story hotel includes 372 guestrooms, and its University Towne Centre (UTC) development location offers sky bridge access to Westfield UTC mall.

CWI 2’s Michael Medzigian says, “The opportunity to expand our West Coast presence and at the same time acquire a recently renovated, high-quality property allowed us to add a strong cash flowing asset in a submarket with very high barriers to entry.”

Since 2011, $21 million of capital improvements have been made, including a $17 million comprehensive renovation completed in 2013. The hotel will remain under the management of HEI Hotels & Resorts.

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