Carey Watermark Investors Inc (CWI) announced its acquisition of Raleigh Marriott City Center. The real estate investment trust (REIT) bought the full service hotel from Interstate Hotels & Resorts for USD 89 million. The total price was divided between the purchase price of USD 83 million and planned capital improvements worth USD 6 million. Debt worth USD 51.5 million was used to finance part of the purchase. As part of the deal, Interstate Hotels & Resorts would still be managing the hotel.
The Raleigh Marriott City Center opened in 2008. It is a 17-story, 400-room structure located in downtown Raleigh, North Carolina. Some of its amenities include a 15,000 square feet of meeting space, fitness and business centers and an Italian restaurant.
CWI Chief Executive Officer Michael Medzigian said, "The acquisition of Raleigh Marriott City Center represented the opportunity to acquire a strategically located property in a strong downtown market that is further supported by the vibrant regional economic activity of The Triangle." He added that the acquisition would be a solid addition to their portfolio.
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