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Carey Watermark Investors Acquires New York City Holiday Inn

Carey Watermark Investors Acquires New York City Holiday Inn

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.”

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