market in terms of overall RevPAR, after New York, Oahu and San Francisco. Strong Miami market: In 2014, Miami was the fourth highest U.S.An additional renovation of the guestrooms is planned for 2016-with all of the rooms and condo units scheduled to receive a full replacement of all soft goods, along with various bathroom upgrades. Planned property enhancements: The resort, developed in 2001, has recently completed a full renovation of the lobby, two food and beverage outlets, and spa.The adjacent island, Virginia Key, is home to the Miami Seaquarium. It hosts an international tennis center (home to the Sony Open tennis tournament) and a championship golf course, and provides the perfect location for numerous water sports and fishing. High quality resort destination: Key Biscayne is firmly established as a world-class resort community offering beautiful nature preserves, shopping villages, golden beaches and some of the most exclusive and expensive residential homes in South Florida.Due to limited area and significant development limitations on the island, it would be very challenging to develop a comparable property on Key Biscayne. The resort sits on 17 acres of oceanfront land. Unique Key Biscayne location with high barriers to entry: The property is located on Key Biscayne, an island approximately three miles off of the coast of Miami and 16 miles from Miami International Airport.Collectively, CWI 1 and CWI 2 have a 67% ownership interest in the joint venture, with Gencom retaining a 33% ownership interest. The resort property includes 302 guestrooms and 188 condo-hotel units. For Release JCarey Watermark Investors Incorporated (CWI 1) and Carey Watermark Investors 2 Incorporated (CWI 2), two non-traded real estate investment trusts (REITs) focused on investing in lodging and lodging-related properties, announced that they have purchased The Ritz-Carlton Key Biscayne, Miami (the Ritz-Carlton) property in a joint venture with Gencom, the original developer of the property.
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