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 •
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.