W. P. Carey announced today that one of its managed non-traded REITs, CPA:18 – Global, has acquired a 266-room resort hotel, La Plantation d’Albion Club Med, located in Albion, Mauritius, for approximately $72 million. The facility is triple net-leased to Holiday Village Management Services, a subsidiary of Club Mediterranee SA, for an initial term of 15 years. The lease is guaranteed by Club Med. The property features two restaurants, three ocean view bars, two beaches, and a health club, as well as three swimming pools, a mini golf course, and tennis courts. Mauritius is an island nation in the Indian Ocean approximately 1,200 miles off the southeast coast of the African continent. Situated on 53.4 acres of natural tropical woodland, the resort’s location on the northwestern coast of the island supports Club Med’s up-market strategy, as well as its increased focus on the growing Asian tourism market.
