Carey Watermark Investors acquires Courtyard Times Square West hotel for USD95m
Carey Watermark Investors (CWI) has acquired the Courtyard Times Square West, a 224-room select-service hotel, located at 307 West 37th Street in the Times Square area of midtown Manhattan.
CWI's total investment in the property is approximately USD95 million.
Michael Medzigian, chief executive officer of CWI, says: "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."
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