Carey Watermark Investors announced Wednesday that it bought the 224-room Courtyard Times Square West, located in Manhattan at 307 West 37th Street for a total investment of US$95 million from an affiliate of the Stonebridge Cos., Englewood, Colorado.
Carey Watermark Investors, New York City, noted the New York City’s lodging market’s strong performance and the strength of the Courtyard by Marriott brand as bolstering the case for investing in the property, which 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. Given these attributes, we believe that the investment will be a solid cash flow-generating addition to our growing portfolio,” said Michael Medzigian, Carey Watermark Investors CEO.
