Carey Watermark Investors Incorporated ("CWI") is a publicly owned, non-traded real estate investment trust ("REIT") that, together with its consolidated subsidiaries, invests in, manages and seeks to enhance the value of, interests in lodging and lodging-related properties, in the United States. As a REIT, we are not subject to U.S. federal income taxation as long as we satisfy certain requirements, principally relating to the nature of our income, the level of our distributions to our stockholders and other factors. We conduct substantially all of our investment activities and own all of our assets through CWI OP, LP, a Delaware limited partnership (the "Operating Partnership"). We are a general partner and a limited partner of, and own a 99.985% capital interest in, the Operating Partnership. Carey Watermark Holdings, LLC ("Carey Watermark Holdings"), which is owned indirectly by both W. P. Carey Inc. ("WPC") and Watermark Capital Partners, LLC (the parent of the Subadvisor described below) ("Watermark Capital Partners"), holds a special general partner interest of 0.015% in the Operating Partnership. In order to qualify as a REIT, we cannot operate hotels directly; therefore, we lease our hotels to our wholly-owned taxable REIT subsidiaries ("TRSs" and collectively the "TRS lessees"). At December 31, 2018, we held ownership interests in 27 hotels, with a total of 7,717 rooms.
We are managed by Carey Lodging Advisors, LLC (our "Advisor"), an indirect subsidiary of WPC, pursuant to an advisory agreement among us, the Operating Partnership and our Advisor (the "Advisory Agreement"). Under the Advisory Agreement, our Advisor is responsible for managing our overall hotel portfolio, including providing oversight and strategic guidance to the independent hotel operators that manage our hotels. On September 15, 2010, CWA, LLC (the "Subadvisor") entered into a subadvisory agreement with our Advisor (the "Subadvisory Agreement"). The Subadvisor provides services to our Advisor primarily relating to acquiring, managing, financing and disposing of our hotels and overseeing the independent hotel operators that manage the day-to-day operations of our hotels. In addition, the Subadvisor provides us with the services of Mr. Michael G. Medzigian, our Chief Executive Officer, subject to the approval of our independent directors.
WPC is a diversified REIT and leading owner of commercial real estate that is listed on the New York Stock Exchange under the symbol "WPC." In addition, WPC also manages the portfolios of certain non-traded investment programs. In June 2017, WPC exited non-traded retail fundraising activities and no longer sponsors new investment programs, although it has stated that it currently expects to continue managing its existing programs, which includes us and our affiliate, Carey Watermark Investors 2 Incorporated ("CWI 2"), through the end of their respective life cycles.