CWI Acquires NYC Holiday Inn
Tuesday June 11th, 2013 - 9:45AM EH
| | | | | | | | | | |
These are shortcuts to your favorite social networking and bookmark sites. Add this story to your Facebook page, del.icio.us, DiggIt, and many others!
NEW YORK—Carey Watermark Investors Incorporated (CWI) has acquired the Holiday Inn Manhattan 6th Avenue hotel.
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.
The 226-room, 24-story hotel was newly constructed in 2008. It is located in the Chelsea neighborhood of Manhattan with close proximity to Penn Station, Madison Square Garden, Herald Square, Times Square and the Empire State Building.
Amenities include wireless Internet, a business center, a fitness center and laundry/valet service. Three-meal f&b services are offered through Prime Café, a 2,400-sq.-ft. restaurant and adjoining lounge, which is leased to a third-party operator.
Tags: • Hospitality • Acquisitions • 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.