New York-based Carey Watermark Investors paid nearly $58 million for the Boca Raton Marriott at Boca Center and plans to spend at least $7 million renovating the hotel.
The company’s acquisition of the 256-room hotel at 5150 Town Center Circle was recorded by Palm Beach County on Monday. The seller is a company tied to Norwalk, Conn.-based HEI Hotels & Resorts. An HEI affiliate is slated to continue managing the hotel, according to Carey’s written statement announcing the purchase.
Carey received a $41 million loan from MetLife, according to Palm Beach County records. The hotel was constructed in 1987 and includes more than 13,500 square feet of meeting space.
The purchase “represented the opportunity to invest in a high quality, full service property in an established market with strong growth prospects and high barriers to entry,” Carey CEO Michael Medzigian said. “We believed that our planned hotel renovations – updating guest rooms to the Marriott ‘Room of the future’ brand standard and refreshing meeting spaces and guestroom corridors – will reinforce the hotel’s status as a market leader.” — Eric Kalis