Posted 3/13/2013 - 9:23:42 AM
PITTSBURGH, PA— Carey Watermark Investors Inc. (CWI) has acquired the Courtyard Pittsburgh Shadyside.
The 132-room hotel, which opened in 2003, includes approximately 1,600 sq. ft. of meeting space, a Starbucks Coffee House, fitness center, business center and indoor pool/whirlpool.
CWI’s total investment in the property is approximately $34.6 million, including a $29.9 million purchase price and $4.8 million of planned capital improvements and acquisition-related costs. The investment will be financed with $21 million of debt.
The renovation, which is anticipated to be completed in early 2014, will include the installation of Courtyard’s Bistro Lobby concept and a full soft-goods refurbishment of the guestrooms and public space.
The hotel will continue to be managed by Concord Hospitality.
Located in the Shadyside area of Pittsburgh, the property is near the University of Pittsburgh Medical Center, Western Pennsylvania Hospital, Carnegie Mellon University, University of Pittsburgh and Shadyside shops. Within four miles of Interstate 376, the property is accessible to the downtown CBD and all other Pittsburgh submarkets.
Commenting on the investment, Michael Medzigian, CEO of CWI, said, “We view Shadyside as Pittsburgh’s most upscale market and see our location as one of the best within the market. The Courtyard Shadyside is already a market leader in terms of average rate and RevPAR and, as part of the Marriott family of brands, benefits from a strong loyalty program and significant national distribution.....Consequently, we feel this investment is a particularly attractive opportunity for generating strong cash flow and future value for our investors.”