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Carey Watermark REIT Buys Marriott Bellevue

BELLEVUE, WA—The fund is expanding into the Pacific Northwest with an acquisition of a, recently developed asset in a high growth market.

By David Phillips | Updated on January 25, 2016

BELLEVUE, WA—Carey Watermark Investors 2 Inc. (CWI 2), a non-traded real estate investment trust focused on investing in lodging and lodging-related properties, has acquired the Seattle Marriott Bellevue. The new hotel includes 384 guestrooms and an excellent location, Carey Watermark says, noting that the Seattle suburb has blossomed into a vibrant, independent city as a result of the tech boom.

“The opportunity to acquire a recently developed, high-quality urban asset in the Pacific Northwest is a unique opportunity to expand our portfolio into a vibrant growing market,” said Michael Medzigian, CEO of CWI 2. “We believe the hotel’s downtown Bellevue location will position the property to benefit from the strong, technology driven growth fundamentals in the greater Seattle lodging market. The acquisition allows us to invest in an attractive location in one of the fastest growing regions of the country, while providing CWI 2 the opportunity to geographically diversify its portfolio with an acquisition in the Pacific Northwest.”

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