Paul Hastings LLP, a leading global law firm, announced today that the firm represented Watermark Capital Partners and its real estate investment trust (REIT), Carey Watermark Investors, Inc. in the acquisitions of the Hampton Inn Boston/ Braintree, The Hilton Garden Inn in New Orleans French Quarter/ Central Business District and the acquisition of a 97% interest in Lake Arrowhead Resort & Spa in Lake Arrowhead, California.
Carey Watermark Investors (CWI) acquired The Hampton Inn Boston/Braintree, a 4-story, 103 room select-service hotel in Braintree, Massachusetts on June 1, 2012. The property will be managed by StepStone Hospitality. CWI’s investment in the property will be approximately $15.5 million inclusive of a $1.9 million renovation that will becompleted in early 2013.
Paul Hastings also advised CWI in completing a joint venture investment of approximately $22.8 million in The Hilton Garden Inn in New Orleans French Quarter/ Central Business District with HRI Properties on June 8, 2012. The joint venture investment includes a $3.5 million renovation of all guestrooms and public spaces, which is anticipated to be completed by September 2013. An affiliate of HRI Properties, HRI Lodging, Inc., will continue to manage the 18-story property on Gravier Street.
Lastly, the firm advised on CWI’s acquisition of a 97% interest in Lake Arrowhead Resort & Spa from the property owner, Fulton Village Green Investors, LLC, an affiliate of Pacific Capital Investors on July 9, 2012. The 173-room resort and spa is located in Lake Arrowhead, California. The investment by CWI includes a $3.7 million renovation of guestrooms and public spaces, which is anticipated to be completed in early 2013. The property will be managed by Crescent Hotels & Resorts.
Paul Hastings chair of Resort, Restaurant & Recreation and Real Estate partner Rick Kirkbride led the Paul Hastings team, which also included Real Estate partner David Phelps and associate Jeff Myers.
