Filed Pursuant to Rule 424(b)(3)
File No. 333-149899
CAREY WATERMARK INVESTORS INCORPORATED
Prospectus Supplement No. 5 Dated August 27, 2013
To Prospectus Dated April 30, 2013
This prospectus supplement (the “Prospectus Supplement”) is part of, and should be read in conjunction with, the prospectus of Carey Watermark Investors Incorporated, dated April 30, 2013 (as amended or supplemented, the “Prospectus”). Unless the context indicates otherwise, the information contained in this Prospectus Supplement supersedes the information contained in the Prospectus. Terms used but not defined in the Prospectus Supplement shall have the meanings given to them in the Prospectus. A copy of the Prospectus will be provided by Carey Watermark Investors Incorporated upon request.
INDEX TO THIS SUPPLEMENT
Recent Developments |
S-1 |
RECENT DEVELOPMENTS
Our Offering and Issuances through our Distribution Reinvestment Plan
As detailed in the Prospectus, we are offering up to $1,237,500,000 in shares of our common stock, including $237,500,000 in shares of common stock through our distribution reinvestment plan. As of August 22, 2013, we have issued 54,246,588 shares of our common stock in connection with our offering raising aggregate gross proceeds of $540,426,670. In addition, as of August 22, 2013, we have issued 692,424 shares of common stock ($6,578,033) pursuant to our distribution reinvestment plan.
Acquisitions
The following section supplements the discussion contained in the “Prospectus Summary—Description of Properties” section, which begins on page 6 of the Prospectus.
General Property Information
Hotels |
|
City |
|
State |
|
Acquisition Date |
|
Rooms |
|
Franchise |
|
Manager |
Raleigh Marriott City Center |
|
Raleigh |
|
NC |
|
August 13, 2013 |
|
400 |
|
Marriott |
|
Noble - Interstate Management Group, LLC |
Description of the Properties
The following section supplements the discussion contained in the “Description of Properties” section, which begins on page 116 of the Prospectus.
The table below sets forth information with respect to the hotel acquired as of the date of this prospectus (dollars in thousands).
Hotels |
City |
State |
Acquisition |
Type |
Rooms |
Franchise |
Manager |
CWI |
CWI |
Acquisition |
Initial |
Interest |
Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Raleigh Marriott City Center |
Raleigh |
NC |
August 13, 2013 |
Full Service |
400 |
Marriott |
Noble - Interstate Management Group, LLC |
100% |
$83,000 |
$2,217 |
$51,500 |
4.61% |
September 1, 2038 |
The following tables present occupancy, average daily rate, or ADR, and RevPAR of the hotel acquired as of the date of this prospectus for the calendar years 2008 through 2012 and the six months ended June 2013.
Occupancy (%)(1) | ||||||
Hotel |
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
Raleigh Marriott City Center |
37.8% |
57.4% |
65.6% |
69.4% |
72.0% |
73.6% |
(1) Occupancy is the percentage of rooms sold divided by rooms available.
ADR(1) | ||||||
Hotel |
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
Raleigh Marriott City Center |
$136.11 |
$125.29 |
$125.39 |
$133.11 |
$135.71 |
$138.16 |
(1) ADR is room revenue divided by rooms sold, displayed as the average rental rate for a single room.
RevPAR(1) | ||||||
Hotel |
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
Raleigh Marriott City Center |
$51.44 |
$71.92 |
$82.26 |
$92.38 |
$97.71 |
$101.69 |
(1) RevPAR is room revenue divided by available rooms.
The table below illustrates the property tax information for fiscal year 2012.
Property Tax Information | |||
Hotel |
Tax Year |
Real Property Tax Rate |
Real Property Tax |
Raleigh Marriott City Center |
2012 |
0.9952% |
$517,916 |
The table below presents information about proposed renovations as of the date of this prospectus.
Hotel |
Proposed Renovations |
Raleigh Marriott City Center |
A $2.5 million renovation associated with the change of ownership and PIP primarily focused on the meeting space and restaurant and was funded at the closing. |