Carey Watermark Investors 2 Incorporated Announces Acquisition of San Diego Marriott
Carey Watermark Investors 2 Incorporated (CWI 2), a non-traded real estate investment trust (REIT), has announced its acquisition of the San Diego Marriott in La Jolla, California. The renovated asset, updated three years ago, is located within the Golden Triangle just north of downtown San Diego and minutes from La Jolla and the Pacific Ocean. The 14-story building has 372 guestrooms and 24,000 square feet of meeting and event space.
The hotel’s strategic location places guests within convenient reach of popular leisure attractions, leading corporations and professional firms, and top research institutions, such as the University of California at San Diego. Located in the University Towne Centre (UTC) development, the hotel is surrounded by over four million square feet of Class A office space and enjoys direct access via a sky bridge to the upscale Westfield UTC mall anchored by tenants including Nordstrom and Macy’s.
Carey Watermark Investors 2 is focused on investing in lodging and lodging-related properties. The San Diego Marriott joins other recent acquisitions – the San Jose Marriott and the Le Meridien Arlington – as part of the REIT’s growing portfolio. According to its website, it is still a blind pool offering, has not generated any net income, and has a limited operating history.
Carey Watermark Investors 2 is sponsored by W.P. Carey, learn more here.
