NEW YORK—Carey Watermark Investors Inc. (CWI) has acquired the Holiday Inn Manhattan 6th Avenue hotel located at 125 West 26th Street. CWI's totalin the property is approximately $121 million, which includes a $113 million purchase price and approximately $8 million of planned capital improvements and acquisition-related costs. The investment was financed with $80 million of debt.
Constructed in 2008, the Holiday Inn Manhattan includes 226 rooms and stands 24 stories tall. Located on 26th Street between 6th and 7th avenues in Chelsea, theoffers close proximity to Penn Station, Madison Square Garden, Times Square and the Empire State Building. Amenities at the property include a business center, fitness center, laundry and valet service, a 2,400-sq.-ft. restaurant and lounge.
“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 idealfor Carey Watermark," said Michael Medzigian, CEO, CWI.