Carey Watermark Investors, a non-traded real estate investment trust, has acquired the 511-room Sawgrass Marriott Golf Resort & Spa, in Ponte Vedra Beach, Fla., from an affiliate of Goldman Sachs and Petra Capital Management. Terms of the deal were not disclosed.
The resort is located 18 miles from downtown Jacksonville and about a two-hour drive to Orlando. It has two championship golf courses, including the Stadium Course at TPC Sawgrass, host of the PGA's Players Championship and known for its 17th-hole "Island Green."
The resort underwent an extensive $20.3-million renovation in early 2014, which included the lobby, all meeting and event spaces, food and beverage outlets, all villa guestrooms, tower suites and enhancements to the Cabana Beach Club.
CWI said it plans to spend an additional $25 million to further enhance the property and the guest experience.
As part of CWI’s acquisition, Marriott International will resume management of the resort.
Michael G. Medzigian, CEO of CWI, commented: “The Sawgrass Marriott Golf Resort & Spa is well-positioned as one of Florida’s leading resorts, offering unparalleled access to PGA-affiliated golf facilities and unique beachfront club amenities. We are thrilled to add this high quality, recognized property to CWI’s portfolio. Given our ability to purchase the property at an attractive price, the recent renovations and our planned improvements over the next five years, we believe this investment is an excellent addition to our portfolio that will benefit our investors.”