Carey Watermark Investors Inc., a New York-based hotel investment company, announced Monday that it has acquired the Sawgrass Marriott Golf Resort & Spa from an affiliate of Goldman Sachs.
Goldman Sachs has owned the 511-unit property in Ponte Vedra Beach since acquiring it in a bankruptcy reorganization three years ago.
Carey Watermark operates about 70 hotel properties nationwide and had revenue of $147 million in the first half of the year, according to its most recent filing with the Securities and Exchange Commission.
“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,” Carey
Watermark CEO Michael Medzigian said in a news release.
Carey Watermark said the resort underwent a $20.3 million renovation this year and it plans to spend an additional $25 million in renovations.
“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,” Medzigian said.
The company did not announce the purchase price for the property.
The Sawgrass Marriott was owned by two Irish investment partnerships, RQB Resort LP and RQB Development LP, which owed $193 million on a loan
made by Goldman Sachs Mortgage Co.
When Goldman Sachs filed a foreclosure suit against the owners, they filed for a Chapter 11 reorganization in U.S. Bankruptcy Court in Jacksonville in 2010.
However, when they were unable to successfully reorganize the debt, the owners turned
the property over to Goldman Sachs.
A real estate industry newsletter reported in February that Goldman Sachs had retained an investment banker to find a buyer for the resort.