NEW YORK—Carey Watermark Investors Incorporated (CWI) announced that it has acquired the Holiday Inn Manhattan 6th Avenue hotel located in New York City. The 226-room, 24-story hotel was newly constructed in 2008.
CWI’s total investment in the property is approximately $121.4 million, including a $113.0 million purchase price and $8.4 million of planned capital improvements and acquisition-related costs. The investment was financed with $80 million of debt.
Amenities include high speed wireless Internet, business center, fitness center, and laundry/valet service. Three-meal food and beverage services are offered through Prime Café, a 2,400 square foot restaurant and adjoining lounge, which is leased to a third-party operator.
Commenting on the investment, Michael Medzigian, chief executive officer of CWI, said, “As the strongest performer of the top-25 U.S. hotel markets, New York City ranks first as the most active hotel investment market in the U.S. The opportunity to enter this market through the acquisition of a relatively new, well-located property with an established operating history, strong initial cash returns and the potential for future appreciation made it an ideal investment for Carey Watermark.”
