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SOURCE Carey Watermark Investors Incorporated
Marriott's 'Room of the Future' renovations planned
NEW YORK, June 13, 2014 /PRNewswire/ -- Carey Watermark Investors Incorporated (CWI), a non-traded real estate investment trust ("REIT") focused on investing in lodging and lodging-related properties, announced that it has acquired the Boca Raton Marriott at Boca Center, a 256-room full service hotel, located at 5150 Town Center Circle in Boca Raton, FL.
Michael Medzigian, Chief Executive Officer of CWI: "The acquisition of the Boca Raton Marriott at Boca Center represented the opportunity to invest in a high quality, full service property in an established market with strong growth prospects and high barriers to entry. We believe that our planned hotel renovations-updating guest rooms to the Marriott 'Room of the future' brand standard and refreshing meeting spaces and guestroom corridors-will reinforce the hotel's status as a market leader."
Carey Watermark Investors
Carey Watermark Investors Incorporated (CWI) is a publicly registered real estate investment trust (REIT) that was formed to make investments primarily in the lodging and lodging-related sectors. Affiliates of W. P. Carey Inc. and Watermark Capital Partners advise CWI and manage its overall portfolio. www.careywatermark.com
This press release contains forward-looking statements within the meaning of the Federal securities laws. The statements of Mr. Medzigian are examples of forward looking statements. A number of factors could cause actual results, performance or achievement to differ materially from those anticipated. Among those risks, trends and uncertainties are the risks related to CWI's public offering; the general economic climate; the supply of and demand for hotels; interest rate levels; the availability of financing; and other risks associated with the acquisition and ownership of hotels. For further information on factors that could impact CWI, reference is made to its filings with the Securities and Exchange Commission
W. P. Carey Inc.
Ross & Lawrence
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