LAKE FOREST, Illinois—Carey Watermark Investors has thrown its hat into the blind pool ring.
The real estate investment trust is planning to raise up to US$1 billion in an initial public offering as it seeks to take advantage of attractive valuations on hotel assets.
• Read the Securities and Exchange Commission filing here.
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Michael Medzigian, CEO, Carey Watermark |
What follows are the notes from an exclusive telephone interview with Carey Watermark CEO Michael G. Medzigian, who formerly served as president and CEO of Lazard Freres Real Estate Investors and as managing director at Lazard.
• “We like luxury, first-class, good, high-quality (select service) properties.”
• Carey Watermark won’t be acquiring any economy hotels. “You don’t typically see that kind of investment in this space.”
• Hotel investments in the United States will be targeted, though Medzigian said Carey Watermark won’t restrict its geographic presence to just the U.S.
• Primary focus will be on hotels, Medzigian said, though the offering prospectus indicates general real estate investments also will be considered.
• The REIT doesn’t have a specific goal in mind as far as how many investments it might make. The number of investments made “is really just a function of the size of each investment.”
• Medzigian is optimistic about the number of potential investments the REIT could make in the sector. “The number of hotel transactions are growing. From that perspective, there are a lot coming to market.”
• While some 100% purchases might be made, Carey Watermark also is willing to pursue joint ventures, too.
Contact
Phone: 1-877-972-7348
Website: careywatermark.com