NEW YORK—Carey Watermark Investors 2 Incorporated (CWI 2) has acquired the Charlotte Marriott City Center located in the city’s central business district, Uptown.
The Charlotte Marriott City Center located underwent $40-million of improvements in 2016 to reposition it as a technologically advanced full-service property within the Marriott Hotels system.
Charlotte’s Uptown market is one of the fastest growing in the U.S., achieving a 5.8% RevPAR compound average growth rate (CAGR) since 1990 versus the US average of 3.1%. The 2016 RevPAR for the Charlotte CBD increased 5.5% year-over-year, further illustrating the strong demand in the area.
The 19-story building has 446 guestrooms and 20,000 sq. ft. of meeting space and is surrounded by 16 million sq. ft. of office space.
Carey Watermark Investors 2 (CWI 2) is a publicly registered REIT that was formed to make investments primarily in the lodging and lodging-related sectors. Affiliates of W.P. Carey Inc. and Watermark Capital Partners advise CWI 2 and manage its overall portfolio.