Carey Watermark Investors Sells Its 57% Interest in Westin Atlanta Venture
October 26, 2017 | James Sprow | Blue Vault
On October 19, 2017, the CWI AM Atlanta Perimeter Hotel, LLC venture, or the Westin Atlanta Venture, in which Carey Watermark Investors Incorporated, or CWI, owned a 57% interest, was sold to an unaffiliated third-party for a contractual sales price of $85.5 million. CWI received net proceeds of approximately $25.9 million. The Westin Atlanta Venture was accounted for under the equity method of accounting.
The Westin-Atlanta Perimeter North is a full-service hotel built in 1986 with 372 rooms as of June 30, 2017. The Carey Watermark Investors share of the 2012 acquisition price was $24.1 million. In May, 2017, the REIT sold the Hampton Inn – Boston Braintree for $19.0 million, a 103-room property which the REIT had purchased in 2012 for $13.1 million. The Company has sold five hotels since January with a total of 844 rooms.
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