424B3 1 a13-19234_1424b3.htm 424B3

 

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

 

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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
Date

Type

Rooms

Franchise

Manager

CWI
Ownership
%

CWI
Investment

Acquisition
Fees Paid
to Advisor

Initial
Debt

Interest
Rate

Maturity
Date

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

- S-2 -

 


 

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.

 

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