Sawgrass Marriott sold

Historic City News has learned that New York-based real estate investment trust Carey Watermark Investors Inc. has purchased The Sawgrass Marriott Golf Resort & Spa in Ponte Vedra Beach from an affiliate of Goldman Sachs and Petra Capital Management.

Although the purchase price was not disclosed in today’s press release, the 511-unit golf resort and spa was acquired several years ago by Goldman Sachs after the previous owners declared bankruptcy. Those previous owners — RQB Resort LP and RQB Development LP — bought the resort in 2006 for $220.55 million using a loan from Goldman Sachs Commercial Mortgage Co.

“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,” said Michael Medzigian, CEO of Carey Watermark. “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.”

RQB invested $30 million in service upgrades and capital improvements before the economic downturn. Under Goldman’s ownership, the resort underwent an additional $20.3 million extensive renovation earlier this year; according to Carey Watermark, who says they intend to spend $25 million more “to further enhance the property and the guest experience”.

In June, Carey Watermark picked up the Boca Raton Marriott at Boca Center as well as a 302-room hotel in Denver’s central business district.