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

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

“The acquisition of the Boca Raton Marriott at Boca Centerrepresented the opportunity to invest in a high quality,full-service property in an established market with strong growthprospects and high barriers to entry,” says MichaelMedzigian, CEO of Carey. The hotel isnext to the Town Center at Boca, the second-largest mall in Floridaby square footage with over 1.5 million. Saks Fifth Avenue, NeimanMarcus, Bloomingdale's, Macy's, and Sears anchor Town Center.