DALLAS--Carey Watermark Investors Inc. hasacquired Le Meridien Dallas, The Stoneleigh, thehistoric 176-room hotel located in Uptown Dallas. The selleris Norwalk-CT-based HEI Hotels & Resorts.

"Not only were we able to add market diversity and a solidlong-term cash flow generating asset to our portfolio, theacquisition allowed us to invest in one of the most attractivelocations in one of the fastest-growing markets in the country,"Michael Medzigian, Carey Watermark Investors CEO,told GlobeSt.com. "As such, the opportunity married ouroverall portfolio objectives with our desire to position ourselvesin the Dallas market with the acquisition of a high-qualitywell-positioned property."

The hotel, built in 1923, underwent an extensive $36-millionrenovation in 2008, and it is on the National Register ofHistoric Places.

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