{"id":1004076942,"date":"2013-06-12T05:23:27","date_gmt":"2013-06-12T13:23:27","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004076942"},"modified":"2022-12-07T02:59:31","modified_gmt":"2022-12-07T10:59:31","slug":"carey-watermark-buys-nyc-holiday-inn-hotel-for-113m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/carey-watermark-buys-nyc-holiday-inn-hotel-for-113m\/","title":{"rendered":"Carey Watermark Buys NYC Holiday Inn Hotel for $113M"},"content":{"rendered":"

By Gail Kalinoski, Contributing Editor<\/em><\/p>\n

\"\"<\/a><\/p>\n

Carey Watermark Investors Inc. has made its first New York City acquisition with the $113 million purchase of the 226-room, 24-story Holiday Inn Manhattan 6th<\/sup> Avenue in Chelsea.<\/p>\n

Combined with $8.4 million in planned capital improvements and acquisition-related costs, the\u00a0 New York City-based hotel REIT\u2019s total investment in the property is approximately $121.4 million. The purchase was financed with $80 million of debt.<\/p>\n

The hotel, built in 2008, is at 125 West 26th Street between 6th<\/sup> and 7th<\/sup> avenues in the Chelsea section of Manhattan. The property, located in the Midtown South submarket, is near Penn Station, Madison Square Garden, Herald Square, Times Square and the Empire State Building. Prime Caf\u00e9, a 2,400-square-foot restaurant and adjoining lounge is leased to a third-party operator but provides food and beverage services to the hotel. Amenities include a business center and fitness center.<\/p>\n

\u201cThe 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,\u201d CWI CEO Michael Medzigian said in a news release.<\/p>\n

Medzigian said that New York City is the most active hotel investment market in the United States. The Big Apple saw $2.7 billion in hotel transactions in 2012. Though the number of investments is expected to drop slightly this year, it is still expected to reach between $2.3 and $2.4 billion, according to the Jones Lang LaSalle\u2019s Hotels & Hospitality Group\u2019s Hotel Intelligence New York Report.<\/p>\n

\u201cThe New York lodging market is the strongest performer of the top-25 U.S. hotel markets with a 35 percent RevPAR premium over the next highest market,\u201d the report stated. \u201cManhattan is expected to add over 3,200 additional hotel rooms in 2013, a 4 percent increase over 2012 supply, representing higher growth than any major urban market in the U.S. While the new supply will be quickly absorbed, it will contribute to temper the market\u2019s overall RevPAR growth potential for the year.\u201d<\/p>\n

PKF Hospitality Research L.L.C. said in its Hotel Horizons Research Snapshot Report for June-August 2013 that tourism continues to be robust in Manhattan, where RevPAR was up nearly 15 percent in February and March this year. New York City officials estimate 52 million tourists visited in 2012, up 44 percent in the past decade.<\/p>\n

The New York City purchase comes one week after Carey Watermark announced it had acquired the Hutton Hotel, one of Nashville\u2019s top hotels, for a total investment of $77.3 million.<\/a> The 247-key, four-star boutique hotel is located in the city\u2019s West End neighborhood near the major entertainment venues and the Music City Convention Center.<\/p>\n

In March, Carey Watermark made two separate acquisitions. The first was a five-property Hilton-branded portfolio that it purchased for about $104 million, including $64.5 million in debt. T<\/a>he portfolio comprises the 131-key Hilton Garden Inn Baton Rouge Airport in Louisiana; the 105-key Hampton Inn & Suites Legacy Park-Frisco in Dallas; the 119-room Hampton Inn & Suites Atlanta Downtown; the 144-room Hampton Inn & Suites Memphis-Beale Street and the 133-room Hampton Inn Birmingham-Colonnade in Alabama. The second March purchase was a 132-room Courtyard by Marriott property in Pittsburgh.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Carey Watermark Investors has made its first New York City acquisition with the $113 million purchase of the 226-room, 24-story Holiday Inn Manhattan 6th Avenue in Chelsea. <\/p>\n","protected":false},"author":1068,"featured_media":1004076945,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21751,21783,11,1600,21742],"tags":[],"class_list":["post-1004076942","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-hotel","category-investment","category-midatlantic","category-new-york","category-latest"],"acf":[],"yoast_head":"\nCarey Watermark Buys NYC Holiday Inn Hotel for $113M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/carey-watermark-buys-nyc-holiday-inn-hotel-for-113m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Carey Watermark Buys NYC Holiday Inn Hotel for $113M\" \/>\n<meta property=\"og:description\" content=\"Carey Watermark Investors has made its first New York City acquisition with the $113 million purchase of the 226-room, 24-story Holiday Inn Manhattan 6th Avenue in Chelsea.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/carey-watermark-buys-nyc-holiday-inn-hotel-for-113m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-06-12T13:23:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-07T10:59:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/06\/HOLIDAY-INN.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"853\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/carey-watermark-buys-nyc-holiday-inn-hotel-for-113m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/carey-watermark-buys-nyc-holiday-inn-hotel-for-113m\/\",\"name\":\"Carey Watermark Buys NYC Holiday Inn Hotel for $113M - 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