Carey Watermark Investors

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  • New York REIT Acquires Courtyard By Marriott Property in Pittsburgh

    Carey Watermark Investors Incorporated of New York has acquired a 132-room Courtyard by Marriott hotel in Pittsburgh’s Shadyside area. The company’s total investment in the Courtyard Pittsburgh Shadyside property is around $34.6 million. This amount has been financed with $21 million of debt and includes a purchase price of $29.9 million, $4.8 million in planned capital improvements and acquisition-related costs. Open since 2003, the hotel offers approximately 1,600 square feet of meeting space, a Starbucks Coffee House, a fitness center, a business center and an indoor pool/whirlpool. It also provides easy access to the University of Pittsburgh Medical Center, the Western Pennsylvania Hospital, the Carnegie Mellon University and the University of Pittsburgh.

    Pittsburgh 25 March 2013 14:10