N.Y. company acquires Sheraton Austin Hotel in joint venture with JMI Realty
Jun 2, 2014
Austin Business Journal
Carey Watermark Investors Inc., a New York-based real estate investment company, said Friday it had acquired the Sheraton Austin Hotel at the Capitol through a joint venture with Austin-based JMI Realty
Carey Watermark is the majority partner in the joint venture with JMI Realty holding 20 percent ownership interest, the company's announcement said. The hotel will continue to be managed by an affiliate of HEI Hotels & Resorts, which is a hotel investment group that operates six Sheratons and 18 Starwood properties in the U.S.
In April, Carey Watermark purchased the recently built Hyatt Place Austin Downtown for $87 million
A private real estate investment and development company with a strong track record of hotel projects in San Diego, Calif., JMI Realty is also building the Hotel Van Zandt in the Rainey Street District with an opening set for early 2015