MIAMI—Carey Watermark Investors (CWI) just grabbed the Sawgrass Marriott Golf Resort & Spa, a 511-unit golf resort and spa in Ponte Vedra Beach, FL. CWI acquired the asset from an affiliate of Goldman Sachs and Petra Capital Management. Financial terms of the deal were not disclosed. The resort last sold in 2006 for $220 million.

“The Sawgrass Marriott Golf Resort & Spa is well-positioned as one of Florida's leading resorts, offering unparalleled access to PGA-affiliated golf facilities and unique beachfront club amenities,” says Michael G. Medzigian, CEO Officer of CWI. The resort is located 18 miles from Downtown Jacksonville and offers direct access to two championship golf courses, including the world-renowned Stadium Course at TPC Sawgrass.

According to CWI, it's all-in basis is attractive compared to both replacement cost and sales of comparable resorts. The resort saw a $20.3 million renovation in early 2014. CWI plans to invest an additional $25 million to further to improve the property.

“Given our ability to purchase the property at an attractive price, the recent renovations and our planned improvements over the next five years, we believe this investment is an excellent addition to our portfolio that will benefit our investors," says Medzigian. Marriott will manage the 511-room resort, which includes a 25,000-square-foot spa, 2,700-square-foot fitness center, 70,000 square feet of meeting space and eight food and beverage outlets.

Goldman acquired the asset after filing a foreclosure against the owners, RQB Resort and RQB Development. The Irish investment partnerships owed Goldman $193 on the resort and turned the asset over to the firm in 2010 after it failed to reorganize under Chapter 11. Goldman was not immediately available for comment on the disposition.

CWI is active in buying. The firm acquired the 302-room Hampton Inn & Suites and Homewood Suites in Denver for about $85 million in June. The company also snapped up with Boca Raton Marriot that same month. Late last year, CWI completed a $139 million acquisition of the Renaissance Chicago Downtown Hotel.