Carey Watermark Investors, New York City, on Thursday announced it has acquired a 97% interest in Lake Arrowhead Resort & Spa in California from Fulton Village Green Investors, an affiliate of Pacific Capital Investors, for US$26.5 million.
The 173-room resort, located in the San Bernardino National Forest, 90 miles east of Los Angeles, was built in 1982 and renovated in 2007. It will now be managed by Crescent Hotels & Resorts and in early 2013 will become a member Marriott International’s Autograph Collection.
The investment includes a US$3.7 million renovation of guestrooms and public spaces, which is anticipated to be completed in early 2013.