Carey Watermark Buys Courtyard Times Square West for $95M
Gus Delaporte May 28, 2014, 9:40 a.m.
Carey Watermark Investors has acquired the Courtyard Times Square West, a 224-room hotel located at 307 West 37th Street, for approximately $95 million, the real estate investment trust announced today. The purchase was financed with $56 million of debt.
The 27-story Midtown hotel was built in 2013 and boasts 655 square feet of meeting space, an outdoor patio, fitness and business centers, and a bistro restaurant.
“The acquisition of the Courtyard Times Square West represented the opportunity to invest in a newly built, high-quality, select-service property with strong brand affiliation in one of the strongest domestic hotel markets,” said Michael Medzigian, the chief executive officer of Carey Watermark Investors, in a prepared statement. “Given these attributes, we believe that the investment will be a solid cash flow-generating addition to our growing portfolio.”
Last June, Carey Watermark Investors acquired the Holiday Inn Manhattan Sixth Avenue for $113 million. The acquisition of the 226-room hotel at 125 West 26th Street was the non-traded REIT’s first deal in New York.