Keyword: Carey Watermark Investors
Hotel operators enjoying strong and sustained hotel demand and occupancy are anecdotally reticent to drive higher rates.
The former Bacara Resort & Spa was recently acquired by Carey Watermark Investors and Carey Watermark Investors 2, and completed a multimillion-dollar update.
The portfolio consists of three institutional-grade Hilton hotels comprising 369 rooms in Texas, Alabama and Louisiana.
The 372-room hotel has completed $21 million in updates since 2011.
The 510-room hotel was sold by CBRE Global Investors, who bought the property in May 2013 for $85.3 million.
The hotel is part of a mixed-use development that includes 621,000 square feet of Class A office space and 136 residential units.
Undergoing updates are the guestrooms, public spaces, lobby and bar areas.