Carey Watermark Investors Inc. (CWI) has closed on a joint ventureof approximately $88 million with Ensemble Hotel Partners LLC, the owner of two hotel properties located on the waterfront in Long Beach, Calif. CWI’s investment is approximately $43.6 million.
The properties — the Hotel Maya, a Doubletree by Hilton, and the Residence Inn by Marriott — are the only waterfront hotels in the Long Beach market.
The Hotel Maya is an upscale, full-service urban resort. Located on 12 waterfront acres, the hotel includes 194 guestrooms, 20,000 sq. ft. of interior/exterior meeting space and a 60-slip marina.
The Residence Inn, located on a three-acre waterfront site adjacent to the Hotel Maya, is a 178-unit, all-suite extended stay hotel.
Formed in 2008 by W.P. Carey & Co., New York-based CWI is a publicly registered, non-traded real estate investment trust (REIT) that was formed to make investments primarily in the lodging and lodging-related sectors.
“As CWI’s first transaction, this is an excellent example of how we can effectively enter into joint ventures to leverage our hospitality industry and asset management expertise,” said Michael Medzigian, CEO of CWI.
Medzigian adds that he looks forward to working with Ensemble “to increase the contribution the properties can make to the Long Beach economy by attracting additional travelers, business functions and other types of events to the city.”
Ensemble Hotel Partnersis a subsidiary of-based Ensemble Real Estate, which owns, manages and leases more than 5.5 million sq. ft. of commercial properties in Arizona, California, Nevada, Pennsylvania and Washington. The company develops and manages in unique hotel properties.