San Jose Marriott Ownership Changes Again, Business Upsurge Predicted

Managed private real estate funds Brookfield Asset Management Inc. Agreed to buy Trust Watermark AccommodationIts properties include the San Jose Marriott and the Fairmont Sonoma Mission Inn & Spa, Bloomberg News reported.

Watermark’s cash purchase was estimated at $ 3.8 billion, including liabilities, according to May 6th. Disclaimer By Brookfield. Also within the property’s 25 properties are the Marriott Sawgrass Golf Resort in Punta Vedra Beach, Florida, the Ritz-Carlton Key Biscayne in Miami and the Ritz-Carlton Bacara in Santa Barbara, California. Website.

Carey Watermark 2, which later became Watermark, acquired San Jose Marriott in 2016 for $ 154 million, while at the same time unveiling 2 $ 5.8 million plans in capital expenditures and other costs related to downtown San Jose.

The high-rise hotel at 301 S. Market St. Near the San Jose McEnary Convention Center features 478 guest rooms and 28 suites, the Arcadia Steakhouse and Tank Bar, plus a 21,000-square-foot conference room. It was sold by CBRE Global Investors in May 2013 for $ 85.3 million.

The Watermark / Brookield deal came during what Brookfield said was a “global recovery in U.S.-led leisure travelers,” which led hotel executives to predict a peak summer even as corporate travel remained subdued.

“It is difficult to replicate hotels and resorts on such a scale and quality,” said Lowell Baron, chief investment officer at Brookfield Real Estate Group, in a statement from the company. “This portfolio is well placed given its centralization [on] Beach destinations, gate cities and the sun belt. “

Watermark, established in April 2020 through a merger of non-traded REIT funds Carey Watermark Investors 2 Inc. Carey Watermark Investors Inc. There was a presence in 15 countries. Its net investment in hotels totaled $ 2.8 billion as of September 30, as per To file with the U.S. Securities and Exchange Commission.

San Jose Marriott Ownership Changes Again, Business Upsurge Predicted Source link San Jose Marriott Ownership Changes Again, Business Upsurge Predicted

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