Southern California's Lake Arrowhead Resort & Spa was acquired by Carey Watermark Investors (CWI) and will become part of Marriott International's Autograph Collection of luxury-boutique hotels next year.
CWI purchased 97% of the 30-year-old property from Pacific Capital Investors for $26.5 million, including debt. The 173-room lakefront property, which includes 20,000 square feet of meetings space as well as a private beach and dock, was renovated in 2007 and is undergoing another $3.7 million worth of upgrades that will be completed by early 2013.
Marriott, the largest U.S. publically traded hotelier by sales, debuted the Autograph Collection as a luxury-boutique umbrella in 2010. The group now includes 34 hotels, including New York's Algonquin and Las Vegas' Cosmopolitan. The Lake Arrowhead Resort, located about 90 miles northeast of Los Angeles, will be its first in California.
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