Carey Watermark Investors—a non-traded REIT focused on the lodging industry—has selected The John Hardy Group to program manage the repositioning of the majority of its properties as they are acquired into the CWI portfolio.
Michael Medzigian, CEO and president of Carey Watermark Investors, reportedly has a proactive strategy to purchase undervalued properties in urban and resort environments to artfully increase their value with design-enhanced asset management. The John Hardy Group is currently working across its entire portfolio on the growth-oriented properties held by the brand.
The John Hardy Group’s scope includes full due diligence, project management, program management and owner’s representation. While 18 properties are in the mix, select projects include: Chicago Renaissance, Boca Raton Marriott, Westin Pasadena, Westin Minneapolis, and the Fairmont Sonoma Spa and Water Tower. Renovations are scheduled to conclude throughout 2015 and 2016.
Eric Augur, senior project director, The John Hardy Group, is currently handling program management for this relationship with Carey Watermark.