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Aug. 22, 2013

Carey Watermark Investors Acquires 400-Key Marriott in Downtown Raleigh for $83M

by Adriana Pop, Associate Editor

In an $83 million deal, Carey Watermark Investors Inc. (CWI) purchased the 400-room Marriott City Center hotel in downtown Raleigh. The New York-based real estate firm also announced it would spend another $6 million to upgrade the 17-story property and cover other acquisition–related costs. The investment was financed with $51.5 million of debt.

Developed by Noble Investment Group of Atlanta, Raleigh Marriott City Center has been open since 2008. Interstate Hotels & Resorts will continue to manage the property, which is connected to the Raleigh Convention Center via an underground walkway.  Amenities include 15,000 square feet of meeting space, an indoor pool and whirlpool, fitness and business centers, an onsite Starbucks, as well as an Italian-themed three-meal restaurant and bar.

“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. By virtue of its location alone, it is already the preferred hotel for visitors to the Raleigh Convention Center and, in combination with the quality of the asset itself and the improvements planned, we believe it will prove a solid addition to CWI’s portfolio, consistent with our strategy of acquiring assets with the potential for generating stable cash flow and building future value for our investors,” Michael Medzigian, CEO of CWI said in a news release.

In other news, the Triangle Business Journal reports that Heitman Capital Management of Chicago has paid $42.2 million to acquire The Jamison at Brier Creek apartment community in northwest Raleigh. The seller, Epoch Properties of Winter Park, Fla. developed the 276-unit complex in 2011.

The property offers one-, two- and three-bedroom apartments, as well as a pool, a 24-hour fitness center, a business center, summer kitchen and gas grills, playground, enclosed pet park and movie theater.

Photo credits: www.marriott.com

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