Carey Watermark Investors Acquires Dual-Branded Hotel for $81.5M
Thursday June 26th, 2014 - 9:47AM EZ
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DENVER—Lodging REIT Carey Watermark Investors Inc., has acquired a 302-room, dual-brand select-service hotel, located here in the city’s central business district for approximately $85 million.
The dual-branded Hampton Inn & Suites and Homewood Suites hotel opened in 2013 following the adaptive reuse of a 1960s-era office building.
CWI's investment includes the $81.5-million purchase price as well as acquisition-related costs and planned capital expenditures. The acquisition was financed with $53 million of debt.
In 2013, average hotel RevPAR in the greater Denver area increased by 8.6%, with occupancy and ADR increasing by 5.7% and 2.7%, respectively, according to CWI. Strengthening market fundamentals combined with Denver’s status as a destination for corporate, group and leisure visitors have positioned the Denver hotel market well for 2014, according to the REIT.
Tags: Carey Watermark Investors • CWI • Denver • dual brand • Hampton Inn • Homewood Suites • Hospitality • Acquisitions • Investment Funds •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.