{"id":1004105195,"date":"2014-10-07T06:42:30","date_gmt":"2014-10-07T14:42:30","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004105195"},"modified":"2022-12-07T17:16:19","modified_gmt":"2022-12-08T01:16:19","slug":"carey-watermark-investors-buys-florida-resort-spa","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/carey-watermark-investors-buys-florida-resort-spa\/","title":{"rendered":"Carey Watermark Investors Buys Florida Resort &amp; Spa"},"content":{"rendered":"<p><i>By Keith Loria, Contributing Editor<\/i><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/CAREY.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004105196\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/carey-watermark-investors-buys-florida-resort-spa\/carey\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/CAREY.jpg\" data-orig-size=\"400,277\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"CAREY\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/CAREY.jpg?w=400\" class=\"alignright size-medium wp-image-1004105196\" alt=\"CAREY\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/CAREY.jpg\" width=\"300\" height=\"207\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/CAREY.jpg 400w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/CAREY.jpg?resize=300,208 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>Carey Watermark Investors Inc. has acquired the Sawgrass Marriott Golf Resort &amp; Spa, a 511-unit resort in Ponte Vedra Beach, Fla., from an affiliate of Goldman Sachs and Petra Capital Management.<\/p>\n<p>The price of the transaction was not disclosed.<\/p>\n<p>\u201cThe combination of its wealth of facilities and amenities, access to PGA courses, and its beach-front cabana club make it an irreplaceable property with significant upside potential,\u201d Michael Medzigian, CWI\u2019s CEO, told <i>Commercial Property Executive<\/i>. \u201cAdditionally, CWI acquired this high-quality property below estimated replacement cost.\u201d<\/p>\n<p>The hotel comprises 511 keys, including both traditional hotel guestrooms located in a seven-story tower and rooms located in 81 resort villas with golf course and water views. There is also a 25,000-square-foot spa with 19 treatment rooms and a 2,700-square-foot fitness center.<\/p>\n<p>Earlier this year, the resort underwent an extensive $20.3 million renovation, which included the lobby, all meeting and event spaces, food and beverage outlets, all villa guestrooms, tower suites and enhancements to the Cabana Beach Club. CWI will spend an additional $25 million to further enhance the property and the guest experience.<\/p>\n<p>According to Medzigian, the investment is consistent with CWI\u2019s philosophy of acquiring a diverse, high-quality portfolio with meaningful barriers to entry.<\/p>\n<p>\u201cThe addition of Sawgrass furthers our strategy of creating a balanced portfolio of current cash flow and potential value creation opportunities,\u201d he said. \u201cLodging industry fundamentals remain favorable with the resort segment particularly well positioned to benefit. Supply additions continue to trail demand growth by a significant margin and all analyst forecasts point to a continuation of that trend for the foreseeable future.\u00a0We believe that the resort sector is particularly well poised to benefit in this environment.\u201d<\/p>\n<p>The Sawgrass Marriott Golf Resort &amp; Spa is only 18 miles from downtown Jacksonville and a two-hour drive to Orlando. It has direct access to two championship golf courses, including the world-renowned Stadium Course at TPC Sawgrass.<\/p>\n<p>\u201cThe resort is accessible by major airports in Jacksonville and Orlando, and the drive-to access from major Southeastern U.S. cities makes it an ideal destination,\u201d Medzigian added. \u201cThe charm and upscale environment of the immediately surrounding area also add to the appeal of the property.\u201dAs part of CWI\u2019s acquisition, Marriott International has assumed management of the resort, so it will be able to capitalize on Marriott\u2019s strong reservation system and loyalty program, as well as its superior brand recognition and demand among both domestic and international travelers.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Carey Watermark Investors has acquired the Sawgrass Marriott Golf Resort &amp; Spa, a 511-unit resort in Ponte Vedra Beach, Fla., from an affiliate of Goldman Sachs and Petra Capital Management.<\/p>\n","protected":false},"author":451,"featured_media":1004105196,"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-1004105195","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hotel","category-investment","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Carey Watermark Investors Buys Florida Resort &amp; Spa - 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-investors-buys-florida-resort-spa\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Carey Watermark Investors Buys Florida Resort &amp; Spa\" \/>\n<meta property=\"og:description\" content=\"Carey Watermark Investors has acquired the Sawgrass Marriott Golf Resort &amp; Spa, a 511-unit resort in Ponte Vedra Beach, Fla., from an affiliate of Goldman Sachs and Petra Capital Management.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/carey-watermark-investors-buys-florida-resort-spa\/\" \/>\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=\"2014-10-07T14:42:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T01:16:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/CAREY.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"400\" \/>\n\t<meta property=\"og:image:height\" content=\"277\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\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-investors-buys-florida-resort-spa\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/carey-watermark-investors-buys-florida-resort-spa\\\/\"},\"author\":{\"name\":\"Keith Loria\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/aaa29b723dad85f2444ae3cb0c4d735f\"},\"headline\":\"Carey Watermark Investors Buys Florida Resort &amp; 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