Carey Watermark Investors (CWI 1) has acquired the Equinox Golf Resort & Spa, part of Starwood’s Luxury Collection brand. The historic resort is located on 1,300 acres in Manchester, Vermont, and includes 195 guestrooms, 18,500 square feet of meeting and event space, an 18-hole golf course, a 13,000-square-foot spa, and five F&B outlets.
Originally built in 1796, the resort is listed on the National Register of Historic Places, and has hosted four different U.S. presidents. In 2008, it was converted to a resort, and became part of the Luxury Collection. Since 2007, the resort has completed more than $20 million in capital expenditure projects, including a full guestroom and public area renovation.
CWI 1 plans to spend $6 million on additional property enhancements, including a softgoods guestroom renovation, and improvements on meeting spaces, restaurants, and beverage outlets.
“The Equinox transaction allowed us to acquire an iconic Northeastern resort that significantly benefits from its proximity to both Boston and New York City,” says Michael Medzigian, CEO of CWI 1. “The investment represents a further expansion of our portfolio of irreplaceable resort and urban lodging properties, as well as the expansion of our already important relationships with Starwood Hotels & Resorts and HEI Hotels & Resorts.”
The hotel will continue to be managed by HEI Hotels & Resorts, which operates 54 full-service luxury and premium select-service hotels and resorts throughout the U.S., including nine properties owned by CWI 1 and Carey Watermark Investors 2.
