Carey Watermark Investors, a non-traded real estate investment trust (REIT), acquired the Sanderling Resort, a 106-room full-service resort, located in Duck, North Carolina on the Outer Banks. The purchase price was $38 million.
The hotel is located on 13 acres of land on the Outer Banks in N.C., and is approved to add an additional 24 guestrooms to the existing site. CWI plans to begin this project in late 2014 and to deliver the 24 additional guestrooms in time for the 2015 peak spring and summer seasons.
The aggregate $48.1 million investment includes a $38 million purchase price as well as $10.1 million of other acquisition-related costs and planned capital expenditures. The acquisition was financed with $22 million of debt.
The resort will continue to be managed by Northview Hotel Group, which has overseen daily operations at the resort since May 2012 along with a transformational renovation in 2012-2013.