NEW YORK — Carey Watermark Investors Inc. has acquired Courtyard Times Square West, a 224-room select-service hotel, for $95 million. The 27-story hotel is located at 307 W. 37th St. in the Times Square area of midtown Manhattan.
The $95 million investment includes the purchase price, acquisition-related costs and planned capital expenditures. The acquisition was financed with $56 million of debt.
“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,” says Michael Medzigian, chief executive officer of ?Carey Watermark Investors. “Given these attributes, we believe that the investment will be a solid cash flow-generating addition to our growing portfolio.”
Courtyard Times Square West is within walking distance of Madison Square Garden, the Fashion District, the Theater District and the Jacob Javits Convention Center. Midtown Manhattan also houses more than 75 percent of New York City's 389 million square feet of office space.
Built in 2013, the hotel was designed with a more open, expansive lobby and larger guestrooms and public spaces when compared to the select-service supply in the market. The hotel includes 655 square feet of meeting space, an outdoor patio, fitness and business centers, complimentary wireless Internet access and a bistro restaurant with a full-service bar. The hotel is an affiliate of Marriott International.
Carey Watermark Investors is a publicly registered real estate investment trust that was formed to make investments primarily in the lodging and lodging-related sectors. Affiliates of W. P. Carey Inc. and Watermark Capital Partners advise CWI and manage its overall portfolio.
— Danielle Everson