Carey Watermark acquires interest in Fairmont Sonoma Mission Inn & Spa

Carey Watermark Investors Incorporated has acquired a joint-venture interest in the Fairmont Sonoma Mission Inn & Spa from Fairmont Hotels & Resorts. Fairmont will continue to manage the resort under a long-term management agreement. CWI's interest in the joint venture is 75 percent while Fairmont will retain a 25-percent ownership interest.

The JV's total investment in the property is approximately $97.1 million, which was financed with $44 million of debt. CWI's investment is approximately $73.3 million, including its allocated portion of debt.

The first phase of an approximate $10.7-million renovation is nearing completion and includes the updating of all Heritage Rooms, a complete redesign of the lobby and fine dining room, Sante, as well as the creation of a new lobby bar. Additional work is planned over the next two years including the spa and other areas of the property

The 226-room resort is located in Sonoma Valley in the Northern California Wine Country, 15 miles west of Napa and 35 miles north of San Francisco. The hotel was built in 1927.

"We are pleased to be teaming up with CWI and see this as an exciting opportunity to work with a well-respected investor that has extensive experience in the lodging industry," said Jennifer Fox, president of Fairmont Hotels & Resorts. "The Fairmont Sonoma Mission Inn & Spa is a remarkable asset and we are convinced there are solid growth opportunities given the hotel's renovation plans and Fairmont's strong brand presence in the California market."


 

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