July 18, 2016
New York-based REIT Carey Watermark Investors 2 Inc. (CWI 2), acquired the downtown San Jose Marriott Hotel from Los Angeles-based CBRE Global Investors for $154 million. The $159.8 million total investment includes $5.8 million of planned capital expenditures and other acquisition-related costs.
The recently renovated 27-story, 510-room hotel built in 2004 underwent a $10-million capital improvement program that was completed since 2014. It included soft goods renovation of the guestrooms and corridors, the addition of four guestroom keys and a complete renovation of the lobby, as well as updates to the public space and concierge lounge.
CWI2 was formed to make investments primarily in the lodging and lodging-related sectors. It is advised and managed by affiliates of W. P. Carey Inc. and Watermark Capital Partners.
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