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Carey Watermark Investors 2 buys San Diego hotel to tap demand

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Carey Watermark Investors 2 buys San Diego hotel to tap demand

Carey WatermarkInvestors 2 Inc. expanded its West Coast footprint with the purchaseof the San Diego Marriott La Jolla hotel in San Diego's La Jolla submarket.

The transaction value was not disclosed. According to the company,a total of $21 million worth of capital improvements have taken place at the "high-quality"hotel since 2011, including a $17 million refurbishment.

"We believe the hotel's prime La Jolla location will allowus to continue to benefit from the strong demand generators in greater San Diego,while at the same time mitigating long-term supply risk as a result of the highdegree of difficulty and expense that go along with new construction in this area,"CEO Michael Medzigian said in a news release.

The 14-story hotel has 372 guestrooms and features 24,000 squarefeet of meeting and event space and a business center, among other things.