July 18, 2016 Comments Off on CBRE Global Investors Sells San Jose Marriott for $154M Views: 379 Bay Area, California News, West

CBRE Global Investors Sells San Jose Marriott for $154M

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.

Read More at CWI 2 Newsroom

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