Wednesday August 14th, 2013 - 9:08AM
RAILEIGH, NC—Carey Watermark Investors, Inc. acquired the Raleigh Marriott City Center, a 400-room hotel located in the downtown area.
CWI’s total investment in the property is approximately $89 million, including an $83 million purchase price and $6 million of planned capital improvements and other acquisition–related costs. The investment was financed with $51.5 million of debt.
The hotel will continue to be managed by Interstate Hotels and Resorts.
Raleigh Marriott City Center is connected to the convention center via an underground walkway. Amenities include Posta Tuscan Grille, an Italian-themed three-meal restaurant, Bar Posta, and an onsite Starbucks, 15,000 sq. ft. of meeting space, indoor pool and whirlpool, and fitness and business centers.
The 17-story hotel opened in 2008 in conjunction with the opening of the 500,000-sq.-ft. Raleigh Convention Center. The center was developed by the city in the heart of the Fayetteville St. district in order to attract convention and meeting business and, according to the city, has generated significant economic activity in the downtown core and greater Raleigh area.