W.P. Carey purchases Florida Keys resort

|About: W.P. Carey, Inc. (WPC)|By:, SA News Editor

Carey Watermark Investors - a JV between W.P. Carey (WPC) and Watermark Capital Partners - purchases the Hawks Cay Resort in the Florida Keys for $133.8M. $15.6M of capital improvements are planned. The acquisition was financed with $79M of debt.

"We will be able to enhance and reposition the resort, create a solid financial platform for future operations and achieve attractive risk-adjusted returns for our investors."