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W. P. Carey Inc Joint Venture Undertaking Carey Watermark Investors Acquires Hawks Cay Resort

Thursday, 24 Oct 2013 07:00am EDT 

W. P. Carey Inc's Joint Venture Undertaking Carey Watermark Investors Incorporated (CWI) announced that it has acquired the Hawks Cay Resort, the destination resort in the Florida Keys. Located on Duck Key-approximately 100 miles south of Miami and 60 miles northeast of Key West-Hawks Cay includes 177 resort guestrooms and a resort residential management program that includes over 250 two-three-and four-bedroom villas. CWI's total investment in the property is approximately $149.4 million, including a $133.8 million purchase price and $15.6 million of planned capital improvements and other acquisition-related costs. The acquisition was financed with $79.0 million of debt. The property will be managed by Pyramid Hotel Group. 

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-0.67 -1.08%
4 Aug 2015