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The Hotel Market Check-In: GHL, Carey Watermark, ICH

By Natalie Rodriguez (October 24, 2013, 1:56 PM EDT) -- In a sign of the strengthening resort market, real estate investment trust Carey Watermark Investors Inc. put down $133.8 million to purchase the Hawks Cay Resort in the Florida Keys and plans to funnel another $15.6 million into renovating the property, according to a Thursday announcement. The deal, which was financed with $79 million in debt, includes more than 250 villas and an 85-slip marina. CWI is entrusting management of the property to Pyramid Hotel Group and will use the renovation funds to redevelop a marina restaurant and renovate guestrooms, it said....

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