LONG BEACH, CA-A joint venture that owns two waterfront hotels here has shuffled its assets, with one partner picking up the properties and obligations for close to $23 million.
Carey Watermark Investors Inc. has sold its 49% interest in the Hotel Maya, a Doubletree by Hilton, and the Residence Inn Long Beach Downtown. The buyer was former partner Ensemble Hotel Partners LLC, who will retain the obligations of the venture, including all third-party debt.
The CWI investment with Ensemble was initiated in May 2011 and was CWI's first investment. Carey Watermark Investors Inc. is a publicly registered, non-traded real estate investment trust that was formed to make investments primarily in the lodging and lodging-related sectors.
Michael Medzigian, CEO of CWI, says the sale “has enabled us to lock in an attractive return on our investment and demonstrates our ability to secure joint venture opportunities that are accretive for our investors. Leveraging our hospitality industry and asset management expertise, and working with Ensemble, we achieved a stabilized financial structure for the venture and implemented a targeted capital program that allowed us to achieve our mutual investment and financial goals for these properties.
Ensemble Hotel Partners did not immediately reply to a request for comment.
As previously reported by GlobeSt.com, Mercedes-Benz USA recently inked a deal to take on a million-square-foot distribution center in a Long Beach industrial park.
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