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EX-10.2 - EXHIBIT 10.2 - Watermark Lodging Trust, Inc.cwi22016july8-klajollaexh102.htm
EX-10.1 - EXHIBIT 10.1 - Watermark Lodging Trust, Inc.cwi22016july8-klajollaexh101.htm

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________

FORM 8-K
CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): July 21, 2016
 
CAREY WATERMARK INVESTORS 2 INCORPORATED
(Exact Name of Registrant as Specified in its Charter)
 
 
 
 
Maryland
(State or Other Jurisdiction of Incorporation)
 
000-55461
46-5765413
(Commission File Number)
(IRS Employer Identification No.)
 
 
50 Rockefeller Plaza, New York, NY
10020
(Address of Principal Executive Offices)
(Zip Code)
 
Registrant’s telephone number, including area code: (212) 492-1100
 
 
 
 
(Former Name or Former Address, if Changed Since Last Report)
___________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 




Item 1.01 Entry into a Material Definitive Agreement
The information set forth under Item 2.01 of this Current Report on Form 8-K (the “Report”) is incorporated herein by reference.
Item 2.01 Completion of Acquisition or Disposition of Assets
On July 21, 2016, a wholly-owned subsidiary of Carey Watermark Investors 2 Incorporated (“CWI 2”) completed the acquisition of the San Diego Marriott La Jolla from HEI La Jolla LLC, an unaffiliated third party. The 372-guestroom San Diego Marriott La Jolla will continue to be managed by Merritt Hospitality LLC. CWI 2’s total investment in the property is approximately $147.3 million, including a $137.0 million purchase price and approximately $5.3 million of acquisition-related costs and $5.0 million of planned capital improvements.

CWI 2 obtained $85.0 million in non-recourse debt financing, with a fixed annual interest rate of 4.13%, which has a maturity date of August 1, 2023. The loan is interest-only for the first 36 months.

The foregoing description does not purport to be complete and is subject to, and qualified its entirety by, reference to the (i) Agreement for Purchase and Sale Agreement, dated as of May 19, 2016, by and among HEI La Jolla, LLC, a Delaware limited liability company, as Seller, and CWI 2 La Jolla Hotel, LP, a Delaware limited partnership, as Purchaser, and (ii) First Amendment to Agreement for Purchase and Sale, dated as of June 15, 2016, by and among HEI La Jolla LLC a Delaware limited liability company, as Seller, and CWI 2 La Jolla Hotel, LP, a Delaware limited partnership, as Purchaser. Copies of the agreements are filed hereto as Exhibits 10.1 and 10.2 are incorporated herein by reference.
Item 9.01 - Financial Statements and Exhibits.
(a) and (b)
Pursuant to Items 9.01(a) and (b) of Form 8-K, the registrant hereby undertakes to file any financial statements required to be filed in response to Item 2.01 of Form 8-K through an amendment to this Report within 71 days after the date that this Report is filed.
(d) Exhibits
Exhibit No.    Description
10.1
Agreement for Purchase and Sale, dated as of May 19, 2016, by and among HEI La Jolla LLC, a Delaware limited liability company, as Seller, and CWI 2 La Jolla Hotel, LP, a Delaware limited partnership, as Purchaser.
10.2
First Amendment to Agreement for Purchase and Sale, dated as of June 15, 2016, by and among HEI La Jolla LLC, a Delaware limited liability company, as Seller, and CWI 2 La Jolla Hotel, LP, a Delaware limited partnership, as Purchaser.



 
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

 
 
 
Carey Watermark Investors 2 Incorporated
 
 
 
 
 
 
 
 
Date:
July 27, 2016
By: 
/s/ Noah K. Carter
 
 
 
Noah K. Carter
 
 
 
Controller and Principal Accounting Officer



 
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