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Carey Watermark Investors Inc. has purchased the 104-room Staybridge Suites in Savannah’s Historic District for $22.8 million with the intention of investing another $2 million-plus in renovations, the group has announced.
“The acquisition of the Staybridge Suites Savannah Historic District represented the opportunity to invest in a high quality, select-service property in a top tourist location,” said Michael Medzigian, CEO of Carey Watermark, a publicly registered, non-traded Real Estate Investment Trust that was formed to make investments primarily in the lodging and lodging-related sectors. “We believe that our planned renovations of both rooms and corridors, in conjunction with the recent renovation of the lobby, will further enhance the property.
“The addition of this asset to the CWI portfolio has the potential to create future value for our investors.”
Medzigian noted the hotel’s central location in a strong tourism market that has consistently delivered more than 70 percent occupancy.
The total investment of $25.5 million, which includes the purchase price plus another $2.7 million in acquisition costs and property improvement expenditures, was financed with $14.9 million of debt.
The hotel, which will continue to be managed by Interstate Hotels &Resorts, features more than 1,000 square feet of meeting space as well as business and fitness centers.
Carey Watermark Investors was formed in 2010 to leverage the collective experience of W. P. Carey & Co Inc., a leading global real estate investment trust valued at $9.9 billion, and Watermark Capital Partners, a Chicago-based real estate investment management firm, in making investments primarily in the lodging and lodging-related sectors.
Affiliates of W. P. Carey & Co. LLC and Watermark Capital Partners CWI manage its overall portfolio.
In the last year, Carey Watermark Investors’ portfolio has included the acquisitions of:
• The Sanderling Resort, a Forbes four-star resort on North Carolina’s Outer Banks;
• The Sawgrass Marriott Golf Resort & Spa in Ponte Vedra Beach, Fla.;
• The Boca Raton Marriott in Boca Raton, Fla.;
• The Sheraton Austin in Texas;
• The Renaissance Chicago Downtown.
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For more information about Carey Watermark Investors, go to www.careywatermark.com.
