Carey Watermark Investors Acquires Sonoma Resort In Joint Venture With Fairmont Hotels & Resorts

Carey Watermark Investors Incorporated (CWI) announced that it has acquired a joint venture interest in the Fairmont Sonoma Mission Inn & Spa from Fairmont Hotels & Resorts. Fairmont, the prior owner, will continue to manage the luxury resort under a long-term management agreement. CWI's interest in the joint venture is 75 percent while Fairmont will retain a 25 percent ownership interest.

The joint venture's total investment in the property is approximately $97.1 million, which was financed with $44 million of debt. CWI's investment is approximately $73.3 million, including its allocated portion of debt.

The first phase of an approximate $10.7 million renovation is nearing completion and includes the updating of all Heritage Rooms, a complete redesign of the lobby and fine dining room, Sante, as well as the creation of a new lobby bar. Additional work is planned over the next two years including the spa and other areas of the property

The 226-room resort is located in idyllic Sonoma Valley in the heart of Northern California Wine Country, 15 miles west of Napa and 35 miles north of San Francisco. The hotel was built in 1927 on the 13 acre site of the former Boyes Hot Springs Hotel, which was developed in 1895. The resort was renovated and expanded during the period from 1984 to 2000.

The luxury resort is regularly included on prestigious top hotel lists and rankings and its award-winning amenities include exclusive access to the Sonoma Golf Club and its 18-hole championship golf course, as well as the 40,000 square foot Willow Stream Spa. Dining venues include a casual dining restaurant and Sante, a premier Michelin-rated fine dining restaurant. Meeting space includes 12,000 square feet of flexible function area as well as access to the facilities of the Sonoma Golf Club. Additional amenities include a business center, fitness center, access to tennis courts, concierge services, gift shop, laundry service and valet parking.

The resort has been designated a AAA Four-Diamond Hotel for the past four years and the Willow Stream Spa, one of the only luxury spas in the country with its own