Carey Watermark Investors (CWI) has acquired Lake Arrowhead Resort & Spa in Southern California for $26.5 million. The 173-key lakefront property will undergo a renovation of guestrooms and public spaces to be completed by early 2013, when it also will join Marriott’s Autograph Collection. Resort amenities include 20,000 square feet of indoor and outdoor meeting space, a spa, restaurant, lounge, business center, fitness facilities, gift shop, outdoor pool, and a private beach and dock.
“We are pleased to be entering into this transaction with Pacific Capital in this unique and well-known mountain resort,” says Michael Medzigian, CEO of CWI. “We believe that this investment creates an opportunity for value creation through enhanced operations via the management of Crescent Hotels & Resorts and affiliation with the Autograph Collection; the completion of high impact enhancements to the property; and the strategic asset management oversight of CWI. Combined with high barriers to entry, the mountain/lakefront location of the property provides the basis for significant value enhancement consistent with our overall strategy for CWI.”
