NEW YORK CITY-Carey Watermark Investors Inc. announced Tuesday that it has acquired the Holiday Inn Manhattan 6th Avenue, located at 125 West 26th St. The 226-room, 24-story hotel was constructed in 2008.
CWI's total investment in the property is approximately $121.4 million, including a $113 million purchase price and $8.4 million of planned capital improvements and acquisition-related costs. The investment was financed with $80 million of debt.
Commenting on the investment, Michael Medzigian, CEO of CWI, says in the announcement, “As the strongest performer of the top-25 U.S. hotel markets, New York City ranks first as the most active hotel investment market in the U.S. The opportunity to enter this market through the acquisition of a relatively new, well-located property with an established operating history, strong initial cash returns and the potential for future appreciation made it an ideal investment for Carey Watermark.”
Built in 2008, the hotel features 226-room and Prime Café, a 2,400-square-foot restaurant and adjoining lounge, which is leased to a third-party operator.
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