Carey Watermark Investors 1 & 2 Acquire Majority Interest in The Ritz-Carlton Key Biscayne, Miami

Carey Watermark Investors | June 1, 2015

NEW YORK, June 1, 2015 -- Carey Watermark Investors Incorporated (CWI 1) and Carey Watermark Investors 2 Incorporated (CWI 2), two non-traded real estate investment trusts (REITs) focused on investing in lodging and lodging-related properties, acquired a majority interest in The Ritz-Carlton Key Biscayne, Miami (The Ritz-Carlton) in a joint venture with an affiliate of GB Key Biscayne Holdings, LLC, the original developer of the property. The property includes 302 resort guestrooms and 188 condo-hotel units (174 of which currently participate in the resort rental program). Key Facts Unique Key Biscayne location with high barriers to e...