Boca Raton Marriott at Boca Center Sold to Carey Watermark Investors

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By Barbra Murray Courtesy Commercial Property Executive Carey Watermark Investors Inc.’s second quarter shopping spree continues as the company picks up the Boca Raton Marriott at Boca Center in Boca Raton, Fla. The REIT acquired the 256-room hotel from HEI Hotels & Resorts, and both parties are remaining mum on the price tag. Standing on a 2.5-acre parcel at 5150 Town Center Circle, the Boca Raton Marriott sits within the mixed-use Boca Center development that includes 375,000 square feet of Class-A office space, 21 stores and 12 restaurants, and generates significant business from the corporate office tenants in the immediate area. Additionally, the hotel is adjacent to Town Center at Boca, the second largest mall in Florida by square footage with over 1.5 million square feet. Town Center is anchored by Saks Fifth Avenue, Neiman Marcus, Bloomingdale’s, Macy’s and Sears. The 12-story property, which also features nearly 14,000 square feet of meeting space and a restaurant, has been swinging its doors open to guests since 1987. CWI fixed its eye on the asset for good reason. “The acquisition of the Boca Raton Marriott at Boca Center represented the opportunity to invest in a high-quality, full service property in an established market with strong growth prospects and high barriers to entry,” Michael Medzigian, CEO of CWI, said in a prepared statement. The property will get a makeover courtesy of a $7 million renovation. HEI, which had owned the asset since 2004, will maintain a connection with the Boca Raton Marriott, as the property will continue to operate under the management of an HEI affiliate.