Carey Watermark Investors Acquires Times Square Courtyard for $95M
Wednesday May 28th, 2014 - 9:17AM EB
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NEW YORK—Lodging REIT Carey Watermark Investors Inc. acquired the Courtyard Times Square West, a 224-room select-service hotel, located here at 307 West 37th St. for approximately $95 million.
The investment includes purchase price, acquisition-related costs and planned capital expenditures. The acquisition was financed with $56 million of debt
Michael Medzigian, CEO of CWI, noted, “The acquisition of the Courtyard Times Square West represented the opportunity to invest in a newly built, high-quality, select-service property with strong brand affiliation in one of the strongest domestic hotel markets. Given these attributes, we believe that the investment will be a solid cash flow-generating addition to our growing portfolio."
Built in 2013, the hotel was designed with a more open, expansive lobby and larger guestrooms and public spaces when compared to the select-service supply in the market, according to CWI.
The Courtyard Times Square West is within walking distance of many of the city’s tourist and entertainment destinations, including Times Square, Madison Square Garden, the Fashion District, the Theater District and the Jacob K. Javits Convention Center.
Tags: Carey Watermark Investors • Michael Medzigian • Courtyard Times Square West • Hospitality • Brands • Acquisitions •
For the past few years, the talk of The Lodging Conference in Phoenix had been focused on the economic recovery, solid industry projections and “cautious optimism.” With the word cautious no longer necessary, the economic outlook took a backseat this year to the seemingly unending parade of new lifestyle brands.