Carey Watermark acquires interest in Calif. Fairmont property

Carey Watermark Investors has acquired a 75 percent stake in the Fairmont Sonoma Mission Inn & Spa in Sonoma, Calif., through a joint venture. The total investment in the property amounted to $97.1 million, backed by $44 million of debt. Fairmont Hotels & Resorts will retain management over the property as well as the remaining 25 percent interest in it. Read the HotelsMag.com story here.