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Carey Watermark terminates credit facility

Carey Watermark Investors Inc. terminated its existing senior unsecured revolving credit facility with Wells Fargo Bank NA as the administrative agent by repaying the $22.8 million outstanding under the facility.

The company repaid the amount using funds borrowed from unsecured loans of up to $25.0 million provided by its sponsor W. P. Carey Inc. The loans bear an interest rate equal to the rate at which W. P. Carey is able to borrow funds under its senior credit facility.

The Wells Fargo facility was scheduled to expire Dec. 4.