Carey Watermark Investors Incorporated (CWI) announced it acquired the Sawgrass Marriott Golf Resort & Spa, a 511-unit property in Ponte Vedra Beach, Florida.
Sawgrass Marriott Golf Resort & Spa, which has direct access to two championship golf courses, is located 18 miles from downtown Jacksonville and is an approximate two-hour drive from Orlando. The property underwent a $20.3 million renovation in early 2014, which included the lobby, all meeting and event spaces, F&B outlets, all villa guestrooms, tower suites, and enhancements to the Cabana beach club. CWI plans to spend an additional $25 million to further enhance the resort. As part of the acquisition, Marriott International assumed management of the resort.
The resort includes a mix of traditional hotel guestrooms located in a seven-story tower as well as rooms located in 81 resort villas with golf course and water views; a 25,000-square-foot spa with 19 treatment rooms; 70,000 square feet of meeting space; a main pool and children’s pool; and eight F&B outlets.
“The Sawgrass Marriott Golf Resort & Spa is well positioned as one of Florida’s leading resorts, offering unparalleled access to PGA-affiliated golf facilities and unique beachfront club amenities. “We are thrilled to add this high-quality, recognized property to CWI’s portfolio,” says Michael Medzigian, CWI’s CEO. “Given our ability to purchase the property at an attractive price, the recent renovations, and our planned improvements over the next five years, we believe this investment is an excellent addition to our portfolio that will benefit our investors.”
