May 26, 2011 Leave a comment
by Tiffany Rider, Staff Writer
Ensemble Hotel Partners, LLC, has closed a joint venture investment with Carey Watermark Investors Incorporated (CWI) of approximately $88 million for two waterfront hotel properties in Long Beach, the Residence Inn Downtown Waterfront and Hotel Maya. The deal marks the first lodging investment made by the New York-based real estate investment trust (REIT).
The Residence Inn by Marriott is a 178-unit, all-suite extended stay hotel situated on three acres; and the Hotel Maya is an upscale full-service urban resort, spread across 12 acres with 194 guestrooms and 20,000 square feet of interior and exterior meeting space. The CWI investment is approximately $43.6 million.