{"id":1004098485,"date":"2014-06-16T07:15:41","date_gmt":"2014-06-16T15:15:41","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004098485"},"modified":"2022-12-05T17:01:53","modified_gmt":"2022-12-06T01:01:53","slug":"carey-watermark-purchases-boca-raton-marriott-at-boca-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/carey-watermark-purchases-boca-raton-marriott-at-boca-center\/","title":{"rendered":"Carey Watermark Purchases Boca Raton Marriott at Boca Center"},"content":{"rendered":"

By Barbra Murray, Contributing Editor<\/em><\/p>\n

\"Boca_Raton_Marriott_at_Boca_Center\"<\/a>

Boca Raton Marriott<\/p><\/div>\n

Carey Watermark Investors Inc.\u2019s second quarter shopping spree continues as the company picks up the Boca Raton Marriott at Boca Center in Boca Raton, Fla. The REIT acquired the 256-room hotel from HEI Hotels & Resorts, and both parties are remaining mum on the price tag.<\/p>\n

Standing on a 2.5-acre parcel at 5150 Town Center Circle, the Boca Raton Marriott sits within the mixed-use Boca Center development. The 12-story property, which also features nearly 14,000 square feet of meeting space and a restaurant, has been swinging its doors open to guests since 1987.<\/p>\n

CWI fixed its eye on the asset for good reason. \u201cThe acquisition of the Boca Raton Marriott at Boca Center 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,\u201d Michael Medzigian, CEO of CWI, said in a prepared statement.<\/p>\n

The property will get a makeover courtesy of a $7 million renovation. HEI, which had owned the asset since 2004, will maintain a connection with the Boca Raton Marriott, as the property will continue to operate under the management of an HEI affiliate.<\/p>\n

It\u2019s been a busy few months of buying for CWI. In May, the REIT acquired the 365-room Sheraton Austin Hotel at the Capitol in Austin<\/a>, and purchased the 225-room Courtyard Times Square in New York City<\/a>, for $95 million. And in April, the company snapped up Hyatt Place Austin Downtown, a 296-room property<\/a>, for $87 million.<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Carey Watermark Investors has acquired the Boca Raton Marriott at Boca Center in Boca Raton, Fla., the 256-room hotel from HEI Hotels & Resorts, and both parties are remaining mum on the price tag.<\/p>\n","protected":false},"author":969,"featured_media":1004098487,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21751,21783,21742],"tags":[],"class_list":["post-1004098485","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hotel","category-investment","category-latest"],"acf":[],"yoast_head":"\nCarey Watermark Purchases Boca Raton Marriott at Boca Center - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/carey-watermark-purchases-boca-raton-marriott-at-boca-center\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Carey Watermark Purchases Boca Raton Marriott at Boca Center\" \/>\n<meta property=\"og:description\" content=\"Carey Watermark Investors has acquired the Boca Raton Marriott at Boca Center in Boca Raton, Fla., the 256-room hotel from HEI Hotels & Resorts, and both parties are remaining mum on the price tag.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/carey-watermark-purchases-boca-raton-marriott-at-boca-center\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-06-16T15:15:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-06T01:01:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/06\/Boca_Raton_Marriott_at_Boca_Center.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"799\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/carey-watermark-purchases-boca-raton-marriott-at-boca-center\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/carey-watermark-purchases-boca-raton-marriott-at-boca-center\\\/\"},\"author\":{\"name\":\"Barbra Murray\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/d1edda962dd3af55af8a203870f9fc32\"},\"headline\":\"Carey Watermark Purchases Boca Raton Marriott at Boca Center\",\"datePublished\":\"2014-06-16T15:15:41+00:00\",\"dateModified\":\"2022-12-06T01:01:53+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/carey-watermark-purchases-boca-raton-marriott-at-boca-center\\\/\"},\"wordCount\":269,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/carey-watermark-purchases-boca-raton-marriott-at-boca-center\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2014\\\/06\\\/Boca_Raton_Marriott_at_Boca_Center.jpg\",\"articleSection\":[\"Hotel\",\"Investment\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/carey-watermark-purchases-boca-raton-marriott-at-boca-center\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/carey-watermark-purchases-boca-raton-marriott-at-boca-center\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/carey-watermark-purchases-boca-raton-marriott-at-boca-center\\\/\",\"name\":\"Carey Watermark Purchases Boca Raton Marriott at Boca Center - 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