CWI Acquires Five Hotels for $104M
Tuesday February 19th, 2013 - 9:30AM H
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NEW YORK—Carey Watermark Investors Incorporated (CWI), based here, has acquired five focused-service hotels within the Hilton Worldwide portfolio of brands from entities managed by Fairwood Capital, LLC for approximately $104 million, including acquisition-related costs and $64.5 million of debt.
The properties include the following: the 119-room Hampton Inn & Suites Atlanta-Downtown, which is located in a renovated historic building in GA listed on the National Register of Historic Places; the 144-room Hampton Inn & Suites Memphis-Beale Street in TN; the 133-room Hampton Inn Birmingham-Colonnade in AL; the 105-room Hampton Inn & Suites Legacy Park-Frisco in TX; and the 131-room Hilton Garden Inn Baton Rouge Airport in LA.
Crescent Hotels & Resorts will manage the Memphis, Atlanta and Birmingham properties, while HRI Lodging, Inc. will manage the Frisco and Baton Rouge hotels.
The hotels, which were constructed between 1994 and 2004, have been substantially renovated between 2010 and 2012.
Tags: • Hospitality • Ownership •
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.