Long Beach Residence Inn

LONG BEACH, CA-Non-traded REIT Carey Watermark Investors of New York City has closed on an $88-million joint venture investment with Ensemble Hotel Partners for the Hotel Maya and the Residence Inn by Marriott, both oceanfront hotels. Carey Watermark's investment in the hotels, which mark its first investment in the lodging industry, is approximately $43.6 million. The properties—the Hotel Maya, a Doubletree by Hilton; and the Residence Inn by Marriott—are the only waterfront hotels in the Long Beach market.

Carey Watermark describes the Hotel Maya as an upscale, full-service urban resort. Located on 12 waterfront acres, the hotel includes 194 guestrooms, 20,000 square feet of interior/exterior meeting space and a 60-slip marina. The Residence Inn, located on a three-acre waterfront site adjacent to the Hotel Maya, is a 178-unit all-suite extended stay hotel.

Long Beach Maya Hotel

CEO Michael Medzigian of CWI commented in an announcement of the deal that, as the firm's first transaction, the investment illustrates how CWI can enter into joint ventures to leverage its hospitality industry and asset management expertise. He said the two Long Beach properties "offer value-creation opportunities through a stabilized financial structure and a targeted capital investment program."

Carey Watermark Investors was formed to make investments primarily in the lodging and lodging-related sectors. Affiliates of W. P. Carey & Co. LLC and Watermark Capital Partners LLC advise the REIT and manage its overall portfolio.