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SOURCE Carey Watermark Investors Incorporated
Centrally Located New York City Property Added to Portfolio
NEW YORK, May 28, 2014 /PRNewswire/ -- Carey Watermark Investors Incorporated (CWI), a non-traded real estate investment trust ("REIT") focused on investing in lodging properties, announced that it 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 $95 million.
Michael Medzigian, Chief Executive Officer of CWI: "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."
Carey Watermark Investors
Carey Watermark Investors Incorporated (CWI) is a publicly registered real estate investment trust (REIT) that was formed to make investments primarily in the lodging and lodging-related sectors. Affiliates of W. P. Carey Inc. and Watermark Capital Partners advise CWI and manage its overall portfolio. www.careywatermark.com
This press release contains forward-looking statements within the meaning of the Federal securities laws. The statements of Mr. Medzigian are examples of forward looking statements. A number of factors could cause actual results, performance or achievement to differ materially from those anticipated. Among those risks, trends and uncertainties are the risks related to CWI's public offering; the general economic climate; the supply of and demand for hotels; interest rate levels; the availability of financing; and other risks associated with the acquisition and ownership of hotels. For further information on factors that could impact CWI, reference is made to its filings with the Securities and Exchange Commission.
W. P. Carey Inc.
Ross & Lawrence
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