Category: News

Investment coincides with Bermuda’s strengthening economy and reemergence as a top international destination

US-based Gencom plans $25 million renovation at the 200-acre property, including the addition of luxury residential real estate and fractional ownership opportunities

Miami, Florida – May 18, 2017 – As Bermuda regains its status as a favored island destination among elite travelers around the world, one of the island’s landmark resorts has been acquired by a U.S.-based investment firm. Rosewood Tucker’s Point Hotel and Resort has been purchased by an affiliate of Gencom, a Miami, Florida firm that owns and develops prized hospitality and residential real estate around the world. The resort will remain under the management of Rosewood Hotels & Resorts, which has managed the property since 2011. News of the acquisition came with the announcement that the Gencom-led purchaser will invest an additional $25 million in a comprehensive renovation at the 200-acre property, as well as additional follow-on commitments for future development. Financial terms of the transaction were not disclosed.

The award-winning property is located within the secluded and picturesque Tucker’s Town area of Bermuda, home to “Billionaires’ Row”, celebrities and international elites. Gencom’s purchase is another sign that Bermuda’s tourism economy is thriving. The island will host the 35th America’s Cup beginning on May 26, 2017, new airline carriers and routes have launched, and the Bermuda Tourism Authority recently unveiled a new branding and marketing campaign that will target luxury travelers around the world.

The 88-key Rosewood Tucker’s Point resort is situated on a lushly landscaped property spanning three pristine coastlines. Amenities include an 18-hole golf course at the noted Tucker’s Point Golf Club, a beach club featuring an expansive private beach, tennis center, dive and watersports center, four swimming pools, four restaurants, and a 12,000 square-foot spa. Rosewood Tucker’s Point was named a Forbes Travel Guide Four-Star resort in 2017.

“Gencom’s decision to acquire Tucker’s Point reflects our firm’s longstanding strategy of unlocking value by targeting one-of-a-kind assets in markets that we consider undervalued and poised for long-term growth,” explains Gencom President Karim Alibhai. “Bermuda benefits from direct flight
access from Europe and the eastern coast of the US, making it a natural destination for international travelers and residents in search of an island destination offering luxury accommodations.”

“Benefitting from a picture-perfect location, the strength of the Rosewood brand, and amenities capable of impressing the most discerning travelers, Tucker’s Point is already a sought-after international destination,” said Alessandro Colantonio, Senior Vice President of acquisitions for Gencom. “Our repositioning and renovation plans will further enhance the resort’s appeal, while creating new opportunities for residents looking for a place to call home in Bermuda.”

Gencom intends to elevate every aspect of Rosewood Tucker’s Point, from renovating the guest rooms and public spaces, to adding new food and beverage venues and meeting spaces. In addition, Gencom plans to develop, market and sell branded and unbranded luxury real estateproperties including townhomes, single-family homes, villas and condo-hotel units oriented toward the waterfront and golf course. Gencom will also sell an existing inventory of fractional ownership units branded as the Tucker’s Point Private Residence Club.

“The Government is thrilled to welcome Gencom to the Bermuda hotel family. Gencom’s proven expertise and long history with leading hotel brands makes for perfect participation in the bright future of Bermuda tourism,” said Sen. the Hon. Michael Fahy, Minister of Tourism, Transport &
Municipalities. “This investment is another indication of confidence in Bermuda, further demonstrating that a tourism renaissance is alive and well.”

“The acquisition of Rosewood Tucker’s Point signals growing international interest in hospitality investment in Bermuda,” adds Roland Andy Burrows Jr., chief investment officer of the Bermuda Tourism Authority. “Gencom’s investment will bring direct and indirect impact to Bermuda’s
economy and tourism sector as we strengthen the island’s brand as a premier destination.”

Jones Lang LaSalle represented the seller in the transaction. The financial and operational restructuring of the various Tucker’s Point seller companies in receivership was led by Roy Bailey and Keiran Hutchison of EY Bermuda Ltd. Financing was provided by HSBC Bermuda.

 

Four Seasons Resort Costa Rica at Peninsula Papagayo Announces $35 Million Resort Re-Imagination with December 2017 Debut
New Era of Locally-Inspired, Globally-Considered Modern Luxury Coming to the Only Forbes Five-Star Resort in Central and South America

GUANACASTE, Costa Rica–(BUSINESS WIRE)–Four Seasons Resort Costa Rica at Peninsula Papagayo, the only Forbes Five-Star luxury resort in Central and South America, announces a USD 35 million extensive re-imagination that will bring a striking new interpretation of modern eco-luxury and meaningful explorations to Costa Rica’s north Pacific coast in December 2017. Active families and couples, nature enthusiasts, bold adventure seekers and more will discover a world apart at the re-imagined Four Seasons Resort Costa Rica located on a strait of back-to-back sandy beaches within the premier eco-tourism destination of Peninsula Papagayo.

MIAMI–(BUSINESS WIRE)–Gencom, a leading Miami-based international luxury hospitality and residential real estate investment and development firm, today announces a more than USD 100 million investment toward a major transformation of Peninsula Papagayo, a 1,400-acre premier residential and resort destination in the Guanacaste province in northwestern Costa Rica. Beginning in December 2017 with the debut of the re-imagined Four Seasons Resort Costa Rica, this investment will signal the launch of a long-term plan to connect and celebrate the sprawling peninsula from end to end for the first time, bringing an unprecedented new level of meaningful eco-luxury and transformative experiences to the Americas.

“We are deeply proud and excited that our vision for the evolution of Peninsula Papagayo will give discerning travelers and homeowners compelling new reasons to discover Costa Rica as an enchanting and unparalleled luxury gateway to the Latin America region,” said Karim Alibhai, founder and principal of Miami-based Gencom. “As we invest in carefully shaping and preserving Peninsula Papagayo as an eco-rich paradise for generations to come, we look forward to also defining and bringing great awareness to the meaningful ultra-luxury segment of Costa Rica’s thriving tourism and real estate industries.”

With the completion of this upcoming capital improvements project, homeowners, resort guests and visitors to Costa Rica will experience the natural wonders of the 1,400-acre biodiverse peninsula through a combination of new builds; major enhancements including the multi-million renovation of Four Seasons Resort Costa Rica; first-ever Peninsula Papagayo amenities; transformative only-here explorations; and an ongoing focus on sustainability and wellness including a peninsula-wide network of more than eight miles of nature trails designed to integrate man and nature and help preserve one of the most extraordinary biological corridors on the planet.

“The momentous enhancements underway at Peninsula Papagayo are significant not only to Costa Rica’s flourishing tourism industry that is important to the economy, but to the country’s position as a thought-leader in the preservation and celebration of the native landscape and authentic local culture,” said Manuel Ardon, chief operating officer of Peninsula Papagayo. “As a native Costa Rican, I am very grateful that the vision for Peninsula Papagayo will bring more travelers from around the world to discover the peninsula’s 1,400 acres of incredible biodiversity and eco-rich land.”

This significant investment toward the continued transformation and preservation of Peninsula Papagayo will include:

• A major renovation of Four Seasons Resort Costa Rica, the only Forbes five-star resort in Central and South America; the resort makeover features a locally-inspired yet globally-considered modern design aesthetic from Meyer Davis Studio spanning all 181 guest room, suites and villas; the expansive lobby; five culinary venues plus an all-new Añejo bar and Library lounge; and the signature pool area along with the introduction of new guest experiences rooted in a connection to self and nature
• A new peninsula-wide network of more than eight miles of nature trails that will connect guests with nature while preserving the bio-diverse corridor
• A new Macaw sanctuary designed to cultivate this native species through conservation and educational programming
• An enhancement of Marina Papagayo — a 180-slip luxury marina that is a premier destination for superyachts — with a new restaurant and lounge, gourmet grocery market and an array of new yacht charter offerings
• An enhancement of Peninsula Papagayo Golf Club that features an 18-hole Palmer Signature Course, five tennis courts (four Har-Tru courts and one grass court) and a signature restaurant
• A new Papagayo Explorers Club — a program of only-here experiences across active adventures, culture, wellness, fitness and volunteerism ranging from exhilarating spinner dolphin explorations and mountain biking to cheese making and pottery sessions with local artisans
• A continued investment in the growth of Creciendo Juntos — a nonprofit association founded by Peninsula Papagayo that supports the development of local Guanacaste communities including schools and a children’s clinic through various educational, health and leadership programs; resort guests and homeowners can help make an impact through immersive volunteerism opportunities
• An ongoing focus on sustainability and land preservation — which is the heart of Peninsula Papagayo — through the growth of environmental, maritime, archaeological, social and educational initiatives and an increased investment in the research and development of new programs

Peninsula Papagayo is located 30 minutes from Liberia International Airport, which offers more than 100 weekly flights seasonally from major cities in the U.S., Canada, U.K. and across Central America. It is home to 11 miles of dramatic coastline, eight miles of majestic bluff edges, seven sandy beaches and one of the few tropical dry forests on the planet.

Original Story Here: https://www.businesswire.com/news/home/20170711005861/en/100-Mill

The Hottest Restaurants in 15 American Cities

Boston: Cultivar 
Mary Dumont’s New American in the Ames hotel offers creative fare made with vegetables plucked from on-site hydroponic gardens, responsibly raised meats and a bar program that stresses botanical gins in inventive cocktails.

Must-order: We’re obsessed with the vibrant flavors of Dumont’s yakitori morels and fiddleheads, served with fava bean hummus that is spiced with lemon
thyme, furikake and Meyer lemon.

Insider tip: Though it’s easy to veer veggie here, don’t miss the meat dishes. Dumont put our past 30 Under 30 honoree Brian Young at the helm of a dry-aged program offering selections like the rib-eye for two, accompanied with bone marrow–roasted potatoes, pickled mustard seeds and, yes, loads of veggies.

1 Court St.; 617-979-8203

(excerpt from Zagat July 11,2017 15 Hottest Restaurants in 15 American Cities)

Full Article: https://www.zagat.com/b/the-hottest-restaurants-in-15-american-cities?zagatb

Photos, story by Cassie Hepler

What was once a frilly bank, you can now sit and dine in marble splendor at celebrity chef and restaurateur Richard Sandoval’s first restaurant in Philadelphia, Aqimero.

To make things even more fancy pants, the Ritz-Carlton hotel got a makeover where the restaurant is the hub in the middle by the skylight and chandeliers. And don’t worry, your broke ass can now afford to enjoy the ambiance with an ever-changing happy hour at the bar only, beginning with $1.50 Oysters, $7 cocktails, $6 wines and $5 draft beers Monday through Friday from 4 p.m. to 6:30 p.m. Or you can try the bottomless brunch option on weekends with or without drinks.

The restaurant is part of a multi-million dollar redesign at the hotel, which also includes new guest rooms, meeting spaces and a refreshed lobby. The 206-seat restaurant is located in the marble lobby, which is modeled after the Pantheon in Rome (with the same marble stone), and serves breakfast, lunch and dinner.

When we popped in for a quick tasting, new to the team chef Michael Boné from Florida was preparing our surprise menu with the telltale “made from scratch” approach and focused on sustainable seafood for us but also has steaks, ribs and poultry. Guests can select hand-blended marinades to complement their grilled fish or meat of choice, which boasts a unique flavor from the restaurant’s wood-fired grill and smoker. Spanish Octopus, Ahi Tuna, U12 Shrimp, King Pacific Salmon, Wild Striped Bass, Whole Maine Lobster, Filet Mignon, Rib Eye, Skirt Steak, Porterhouse, Jidori Half Chicken and BBQ Lamb Ribs will be staples, with seasonal and specialty items available.   A whole-roasted snapper will be served “Mexican beach campfire style” with a rich tomato and chili adobo, avocado, warm tortillas, chayote slaw & limes.  The Seafood and Raw Bar offers a combination of raw bar favorites including Mussels, Clams, Oysters, Shrimp Cocktail and Lobster Tail, alongside an impressive assortment of unique sushi and ceviche. Salads and savory sides round out the menu, with refreshing, seasonal craft cocktails, an international wine list and wide selection of Mezcal, which is currently hovering around 60 but aiming for 70, the largest selection in the city.

GENCOM AFFILIATE ACQUIRES COSTA RICA’S FAMED PENINSULA PAPAGAYO, INCLUDING FOUR SEASONS PAPAGAYO RESORT

Plans call for significant renovations and upgrades to award-winning luxury property, as well as expansion of real estate product offering

Project to create local jobs, boost international tourism, and support surrounding communities in Guanacaste province

Papagayo Four Seasons

August 17, 2016

MIAMI – Gencom, a leading U.S.-based international luxury hospitality and residential real estate investment and development firm, today announced the acquisition of Peninsula Papagayo Resort by a Gencom affiliate. The ownership acquired the 1,400-acre luxury master development in Costa Rica’s famed Guanacaste province for an undisclosed sum.

Anchored by the award-winning, 182-key Four Seasons Papagayo, Peninsula Papagayo includes such luxury amenities as an 18-hole Arnold Palmer-designed golf course and clubhouse, the 180-slip Marina Papagayo, and the 38,000 square foot Prieta Beach Club – all of which are recognized for offering best-in-class service via the more than 700 employees. The Four Seasons Papagayo is ranked as the only Forbes Travel Guide Five-Star Resort in Central and South America. The Guanacaste province, internationally noted as Costa Rica’s premier tourism destination, is located in the country’s northwestern region along the Pacific Ocean, bordering Nicaragua to the north.

The ownership is partnering with Costa Rican developer Sinergo Development Group to carry out the renovation and reinvigoration of the existing assets, including the Four Seasons Papagayo, and also to assist in the development of future phases. The design team also includes local architecture firm Zurcher Arquitectos and New York-based luxury interior design firm Meyer Davis. Plans for future development include branded and unbranded luxury residential real estate along with other complementary hotel brands.

“We are excited by the immediate and long-term benefits that this acquisition and further investments within the peninsula will bring to Costa Rica and the Guanacaste province, including job creation, increased tourism, and heightened global visibility for Peninsula Papagayo as a national jewel,” said Karim Alibhai, principal of Gencom. “This acquisition is part of our continued strategic response to an increased demand from elite international travelers for luxury, experience-driven vacations in prime destinations.”

As part of its commitment to the community, the group plans to invest in and continue the work of Creciendo Juntos (“Growing Together”), a local nonprofit organization that supports local high and elementary schools with programs including educational initiatives and preventative health care.

“As a native Costa Rican, I am excited by the reinvestment in Peninsula Papagayo, a vital pillar of Costa Rican tourism,” said Manuel Ardon, chief operating officer of Peninsula Papagayo. “Thanks to this acquisition, the phenomenal infrastructure of Peninsula Papagayo, which was developed in one of the world’s most spectacular geographic landscapes, will set a new standard among the other real estate and hospitality master developments in Central America, the Caribbean, and Mexico.”

The seller was represented by REH Capital Partners and the Algon Group in a strategic alliance as co-advisors.

About Gencom

Founded in 1987 by Karim Alibhai, Gencom is one of the nation’s leading domestic and international investment and development firms specializing in the hospitality and luxury hospitality related residential real estate sectors. Headquartered in Miami, Gencom is fully integrated and highly diversified, with expertise in virtually every aspect of development, acquisition, financing, asset management and sales of hospitality properties. Gencom has had success not only in developing, purchasing and exiting single assets and hotel portfolios, it also has been successful in creating, purchasing and growing hospitality platform investments, throughout the United States, Caribbean and Europe. For more information about Gencom, please visit https://gencomgrp.com

About REH Capital Partners

REH Capital Partners, LLC, is a national investment and advisory services firm primarily focused on the real estate and hospitality industries. The firm is led by Frank Nardozza, its founder, and a senior executive team dedicated to fulfilling the diverse needs of clients requiring seasoned real estate and hospitality know-how, personalized attention, and highly tailored business solutions. REH Capital Partners has headquarters in Fort Lauderdale, Fla., and offices in Los Angeles. More information is available at www.rehcp.com

About Algon Group

Algon Group is a specialized financial advisory firm that provides sophisticated advisory services in M&A, financing and restructuring transactions. For more information about Algon Group, please visit www.algongroup.com

About Sinergo Development Group
Sinergo Development Group is a development and asset management firm specialized in the hospitality and real estate sectors in Costa Rica and the Caribbean. With headquarters in San Jose, Costa Rica, the company is noted for its development of the Four Seasons Papagayo among other award-winning projects.

Editor’s Note: Photographs and interviews are available upon request.

Contact:

For Gencom inquiries:

Gencom
2700 Tigertail Avenue
Coconut Grove, FL, 33133
Alessandro E. Colantonio
SVP – Acquisitions & Development
305.416.6870
acolantonio@gencomgrp.com

Donald McGregor
Associate
305.416.4573
dmcgregor@gencomgrp.com

Media Contacts:

Kris Conesa or Julia Wakefield
Roar Media
kris@roarmedia.com or julia@roarmedia.com
(305) 403-2080
www.RoarMedia.com

Benchmark Hospitality International and Gemstone Hotels & Resorts, a Gencom affiliate, both recognized global leaders in the management and marketing of resorts, hotels and conference centers, announce that Benchmark and Gemstone have joined together to create a portfolio of 58 unique and distinctive properties with 10,000 staff members across the globe.

“This merger was a natural fit,” explains Benchmark Hospitality International CEO Alex Cabañas. “Not only do we share a similar focus on unique and independent properties, but our organizational cultures and values align extremely well.” Mr. Cabañas continues with, “We felt it was critical to share this exciting news with our clients and employees before the press release went public.” Cabañas concludes with, “Though this has not been common in other industry mergers, for us it was the right thing to do to ensure the change and transition was thoroughly embraced by our ownership clients and team members.”

Greg Champion, Benchmark’s president & COO emphasizes that, “The merger of these two great organizations creates not only incredible synergies and opportunities for the growth and expansion of the combined companies, but also provides wonderful prospects and pathways for the development and advancement for our much-valued customers, employees and team members.”

“Passion, servant leadership and an entrepreneurial spirit will remain at the foundation of our new combined company,” says Jeff McIntyre, Gemstone’s principal partner. “Together, we will combine efforts to offer best-in-class services for our partners.”

In the newly-merged company, Burt Cabañas, Benchmark Hospitality’s founder and chairman, and Gencom, led by Karim Alibhai, will be the principal shareholders. Burt Cabañas will continue in his role of chairman of the combined companies, the remaining partners of both companies will serve in the following roles with the new entity; Alex Cabañas will serve as chief executive officer, and Jeff McIntyre and Greg Champion will serve as co-presidents and co-chief operating officers. Thomas Prins, a Gemstone partner, will take on the new role of managing director real estate investments.

Already being described as an epic merger of two legendary hotel companies into one extraordinary portfolio, the formal coming together represents a response to a market that is rapidly moving towards independent and soft brands, with a strategic focus on experience-driven, destination travel. The combined company will further this focus and apply its unique entrepreneurial management style to the expanded portfolio of independently-branded properties, while also deploying soft brands, such as Curio, Autograph Collection, Tribute, Preferred Hotels & Resorts, Leading Hotels of the World, Historic Hotels of the World and IACC. Further growth is on the agenda for the combined company with projects already in the pipeline. “The platform that is being created is robust and in part designed for well-measured growth,” explained Thomas Prins, “something we will take advantage of while at the same time creating great case studies at each of our existing properties.”

Most importantly, the merger represents an opportunity to combine the collective resources and experience of both companies to better serve ownership partners, customers and the independent property segment of the hospitality industry. The new company has already begun to integrate the best systems and resources from both organizations, using a well-engineered plan to create maximum efficiencies, while other aspects of consolidation will occur over time.
Benchmark and Gemstone are currently engaged in a comprehensive strategic envisioning and branding process to determine the new brand pillars, signature and brand positioning for the consolidated company, and plans to roll this out in the near future. Headquarters will be located in Houston, Texas with satellite offices in Park City, Utah and Miami, Florida.

“I am so pleased with this new partnership and the expansion of our company,” said Burt Cabañas. “This merger is in line with our overall strategic growth plans to double the size of our company within five years. With the merger of these two incredible organizations, we’re enthusiastically on our way toward achieving this significant goal, which will ultimately better serve the interests of our property owners and also create additional opportunities for our team members.”

“Gencom is very excited about being a part of this dynamic enterprise,” said Karim Alibhai. “This is a merger of two highly sought after companies with superior management capabilities. The management team combined has a wealth of hospitality experience, transcending over all classes of hotels, resorts and conference centers with strong performance through multiple business cycles.”

About Benchmark Hospitality International

Benchmark Hospitality International® is a recognized global leader in the management and marketing of resorts, hotels and conference centers. The company”s two distinctive portfolios of properties, Benchmark Resorts & Hotels® and Personal Luxury Resorts & Hotels®, represent the finest in guest-dedicated hospitality in unique destinations across the United States, in the Caribbean and Japan. As a founding member of the International Association of Conference Centers, Benchmark Conference Centers® maintain the highest standards for certification in meeting excellence. Benchmark Hospitality was launched in 1980 as an independent company and today operates worldwide from offices in The Woodlands (Houston), Texas, and regional offices in New Jersey, Washington State, Japan and Chile. For additional company information visit www.benchmarkresortsandhotels.com/development.

An investment trust has acquired a majority interest in the Ritz-Carlton Fort Lauderdale.

Real estate investment trust Carey Watermark Investors Inc. bought the stake in a joint venture with RCFL Holdco LLC, the New York-based company said this week. The price was not disclosed.

RCFL is an affiliate of Gencom, a Miami-based real estate and investment and development firm. Another Gemcom affiliate, RCFL Investor LLC, had purchased the Fort Lauderdale hotel in July 2013 for $65.7 million, according to Broward County property records.

The 24-story, 166-room upscale resort at 1 N. Fort Lauderdale Beach Blvd. is undergoing a nearly $9 million renovation that will result in a new restaurant and indoor/outdoor bar, spa enhancements including new steam and sauna rooms and two new stores.

The Fort Lauderdale hotel deal is Carey Watermark’s third joint venture purchase with the Gencom family of companies and follows its acquisition of The Ritz-Carlton, Key Biscayne and The Ritz-Carlton, Philadelphia.

The three transactions represent an investment of more than $500 million, Carey Watermark said.

NEW YORK, June 1, 2015 /PRNewswire/ — 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 entry: The property is located on Key Biscayne, an island approximately three miles off of the coast of Miami and 16 miles from Miami International Airport. The resort sits on 17 acres of oceanfront land. Due to limited area and significant development limitations on the island, it would be very challenging to develop a comparable property on Key Biscayne.
• High quality resort destination: Key Biscayne is firmly established as a world-class resort community offering beautiful nature preserves, shopping villages, golden beaches and some of the most exclusive and expensive residential homes in South Florida. It hosts an international tennis center (home to the Miami Open tennis tournament) and a championship golf course, and provides the perfect location for numerous water sports and fishing. The adjacent island, Virginia Key, is home to the Miami Seaquarium.
• Planned property enhancements: The resort, developed in 2001, has recently completed a full renovation of the lobby, two food & beverage outlets and spa. An additional renovation of the guestrooms is planned for 2016—with all of the rooms and condo units scheduled to receive a full replacement of all soft goods, along with various bathroom upgrades, and a significant repositioning of its signature restaurant, Cioppino.
• Strong Miami market: In 2014, Miami was the fourth highest U.S. market in terms of overall RevPAR, after New York, Oahu and San Francisco. According to PKF, the Miami lodging market continues to show strength with projected annual RevPAR growth (revenues per available room) in the 5% range over the next several years.
• Management: The hotel will continue to be managed by The Ritz-Carlton Hotel Company, L.L.C., an affiliate of Marriott International.
• Marriott brand affiliation: As a member of the Marriott International family, The Ritz-Carlton Key Biscayne benefits from its luxury branding and Marriott’s management platform affiliation, including access to its global distribution system and The Ritz-Carlton Rewards program.
• Property and amenities:
  • 302 resort guestrooms, including 38 suites and 188 condo-hotel units, of which 174 units participate in the resort rental program
  • 20,000 square feet of interior meeting and banquet space
  • 30,000 square feet of exterior function space, including two pool decks
  • Recently renovated 20,000 square foot spa with 21 treatment rooms
  • Full-service fitness center
  • Tennis center with 10 clay courts and one hard court
  • Two pools
  • Five primary food & beverage outlets

Management Commentary

Michael Medzigian, Chief Executive Officer of the Carey Watermark Investors investment programs: “The joint venture investment in The Ritz-Carlton Key Biscayne property allowed us to add a AAA Four Diamond destination resort in a location with high barriers to entry to the CWI 1 and CWI 2 portfolios. Working with GB Key Biscayne Holdings, we were able to recapitalize the asset to allow for ongoing renovations and secure attractive current risk adjusted returns with the potential for longer term incremental value. The combination of a high quality asset in an unmatched location with the strength of The Ritz-Carlton brand represented a unique and attractive investment opportunity.”

Carey Watermark Investors

CWI 1 and CWI 2 are publicly registered REITs that were formed to make investments primarily in the lodging and lodging-related sectors. Affiliates of W. P. Carey Inc. and Watermark Capital Partners advise CWI 1 and CWI 2 and manage their overall portfolios. www.careywatermark.com, www.careywatermark2.com

This press release contains forward-looking statements within the meaning of the Federal securities laws. The statements of Mr. Medzigian, and statements regarding RevPAR growth projects, are examples of forward-looking statements. A number of factors could cause CWI 1’s and/or CWI 2’s actual results, performance or achievement to differ materially from those anticipated. Among those risks, trends and uncertainties are the general economic climate; the supply of and demand for hotels; interest rate levels; the availability of financing; other risks associated with the acquisition and ownership of hotels and risks related to CWI 2’s offering of shares. For further information on factors that could impact either CWI 1 or CWI 2, reference is made to their respective filings with the Securities and Exchange Commission. Statements about past performance, which are presented for informational purposes only, are not a guarantee of future results.

Company contact:
Kristina McMenamin
W. P. Carey Inc.
212-492-8995
kmcmenamin@wpcarey.com

Press contact:
Guy Lawrence
Ross & Lawrence
212-308-3333
gblawrence@rosslawpr.com