PALM BEACH—Carey Watermark just grabbed the Boca Raton Marriott at Boca Center. Financial terms of the deal were not disclosed, but Carey plans to launch a $7 million renovation on the Palm Beach County hotel.

Located at 5150 Town Center Circle in Boca Raton, FL, the full-service hotel has 256 rooms at the Boca Center, a mixed-use development that includes 375,000 square feet of class A office space, 21 retail stores, and 12 restaurants.

“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,” says Michael Medzigian, CEO of Carey. The hotel is next to the Town Center at Boca, the second-largest mall in Florida by square footage with over 1.5 million. Saks Fifth Avenue, Neiman Marcus, Bloomingdale's, Macy's, and Sears anchor Town Center.