Carey Watermark Investors Incorporated (CWI) it has acquired the Holiday Inn Manhattan 6(th) Avenue hotel located at 125 West 26(th) Street in New York City. The 226-room, 24-story hotel was newly constructed in 2008.
CWI’s total investment in the property is approximately $121.4m, including a $113m purchase price and $8.4m of planned capital improvements and acquisition-related costs. The investment was financed with $80m of debt.
Carey Watermark Investors Incorporated is a publicly registered non-traded real estate investment trust (REIT) that invests primarily in the lodging and lodging-related sectors.
