Carey Watermark Investors Incorporated (CWI) announced that it has acquired the Boca Raton Marriott at Boca Center, a 256-room full service hotel, located at 5150 Town Center Circle in Boca Raton, FL.
- Strong market: The Boca Raton market is driven by resort, leisure and commercial business, with over 11 million square feet of office space, upscale residential communities, the main campus of Florida Atlantic University and the Atlantic Ocean beaches. Market occupancy, which is driven by both resort and commercial business, was 69% in 2013, representing a year-over-year increase of 6.1%. The larger Palm Beach market, which includes Boca Raton, achieved RevPAR growth of 10.0% in 2013, exceeding the national RevPAR growth of 5.2%. With a constrained supply pipeline and steadily increasing visitation trends, Boca's lodging metrics show positive signs of sustainable growth.
- Central location: The hotel is located in the Boca Center mixed-use development that includes 375,000 square feet of Class-A office space, 21 stores and 12 restaurants, and generates significant business from the corporate office tenants in the immediate area. Additionally, the hotel is adjacent to Town Center at Boca, the second largest mall in Florida by square footage with over 1.5 million square feet. Town Center is anchored by Saks Fifth Avenue, Neiman Marcus, Bloomingdale's, Macy's and Sears.
- Planned property enhancements: The hotel will undergo a significant renovation including guestrooms, corridors and meeting space at an estimated cost of over $7 million.
- Marriott brand affiliation: As a member of the Marriott International family, the Boca Raton Marriott at Boca Center benefits from Marriott's strong reservation system and loyalty program as well as its superior brand recognition and demand among both domestic and international travelers.
- Management: The hotel will continue to be managed by an affiliate of HEI Hotels & Resorts, a hospitality owner/operator that owns and manages over 36 full service, upper-upscale, luxury and premium select-service hotels and resorts throughout the U.S.
- Property and amenities:
- 256 rooms housed in 12 stories
- Over 13,500 square feet of meeting space
- Recently renovated public areas including the new Marriott Great Room lobby concept
- Cafe 5150 three-meal restaurant
- Two Concierge club levels, fitness center, business center, outdoor pool and spa
- Complimentary wireless internet access
Carey Watermark Investors Incorporated (CWI) is a publicly registered real estate investment trust (REIT) that was formed to make investments primarily in the lodging and lodging-related sectors. Affiliates of W. P. Carey Inc. and Watermark Capital Partners advise CWI and manage its overall portfolio.
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