KANSAS CITY—Carey Watermark Investors Inc., anon-traded REIT, has just acquired the Kansas City MarriottCountry Club Plaza, a 19-story, 295-room full-servicehotel, for nearly $57 million. The hotel is located about fourmiles south of downtown in the Country Club Plaza area, a 55-acreshopping district that has recently seen signs of increasingdemand. The Country Club Plaza, for example, has experienced acumulative average growth rate in RevPAR of 4.4% since 2009, CareyWatermark officials say.

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Furthermore, the downtown has begun attracting a host of newresidents, many of them millennials. And, as reported inGlobeSt.com, the office market has also seen growth. There is even talkof starting speculative development. KenBlock of Block Real Estate Services LLC,for example, recently announced plans to build a $78 million,12-story office tower in the Country Club Plazaarea.

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"The acquisition represented an opportunity to invest in ahigh-quality, full-service property located in the heart of themost desirable lodging destination in Kansas City,” saysMichael Medzigian, chief executive officer of theNew York-based CWI.

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The new owners plan to make many improvements to the hotel,including updates to its food and beverage outlets, meeting spacesand exterior. The hotel will implement MarriottHotels' signature "Greatroom" lobby concept, which allowsguests to use the space for business or leisure. In addition to the$56.7 million purchase price, this investment includes $14.8million in other acquisition-related costs and planned capitalexpenditures. Interstate Hotels & Resorts willcontinue to manage the property.

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Brian J. Rogal

Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.