Carey Watermark Investors Acquires Courtyard By Marriott Pittsburgh Shadyside
NEW YORK, NY -- (Marketwire) -- 03/13/13 -- Carey Watermark
Investors Incorporated (CWI) today announced that it has acquired the
Courtyard Pittsburgh Shadyside. The 132-room hotel, which opened in
2003, includes approximately 1,600 square feet of meeting space, a
Starbucks Coffee House, fitness center, business center and indoor
CWI's total investment in the property is approximately $34.6
million, including a $29.9 million purchase price and $4.8 million of
planned capital improvements and acquisition-related costs. The
investment will be financed with $21 million of debt. The renovation,
which is anticipated to be completed in early 2014, will include the
installation of Courtyard's Bistro Lobby concept and a full soft
goods refurbishment of the guest rooms and public space. The hotel
will continue to be managed by Concord Hospitality.
Located in the Shadyside area of Pittsburgh, Pennsylvania east of the
CBD, the property is in close proximity to the University of
Pittsburgh Medical Center, Western Pennsylvania Hospital, Carnegie
Mellon University, University of Pittsburgh and Shadyside shops,
which include upscale stores and boutiques including Coach and Apple.
Within 4 miles of Interstate 376, the property is accessible to the
Downtown CBD and all other Pittsburgh submarkets.
Commenting on the investment, Michael Medzigian, Chief Executive
Officer of CWI, said, "We view Shadyside as Pittsburgh's most upscale
market and see its location as one of the best within the market. The
Courtyard Shadyside is already a market leader in terms of average
rate and RevPAR and, as part of the Marriott family of brands,
benefits from a strong loyalty program and significant national
distribution. With the completion of the lobby renovation and redo of
the guestrooms and public space, its dominant market position within
the competitive set will be further enhanced. Consequently, we feel
this investment is a particularly attractive opportunity for
generating strong cash flow and future value for our investors."
Carey Watermark Investors
Carey Watermark Investors Incorporated is
a publicly registered non-traded real estate investment trust (REIT)
that invests primarily in t
he lodging and lodging-related sectors.
Courtyard by Marriott
Courtyard by Marriott offers a refreshing
environment that helps guests stay connected, productive and
balanced. Intuitive services and design accommodate guests' needs for
choice and control. With more than 900 locations in 38 countries and
territories, Courtyard hotels participate in the award-winning
Marriott Rewards(R) frequent travel program that allows members to
earn hotel points or airline miles for every dollar spent during each
stay. For more information or reservations, call the Courtyard
toll-free number at 800-321-2211, visit www.courtyard.com or become a
fan at www.facebook.com/courtyard.
Concord Hospitality Enterprises Company, an
award-winning hotel management and development company based in
Raleigh, NC, manages more than 90 hotels offering more than 12,000
guest rooms in 24 states and two Canadian provinces. The company
operates hotels and resorts under such well-known industry elite
brands as Marriott, Hilton, Hyatt, Starwood, Intercontinental Hotels
Group and Choice Hotels as well as select independent boutique
hotels. Formed in 1985, Concord recently was listed as one of the
nation's top management companies by independent sources, and
recently won Marriott's elite Partnership Circle award for the eighth
time. Concord properties are some of the most awarded hotels in the
country, having won nearly 100 top honors in the past two years
For more information, visit www.Concordhotels.com.
Certain statements contained herein may be deemed to be
forward-looking statements under federal securities laws and the
companies intend that such forward-looking statements be subject to
the safe-harbor provisions created thereby. All forward-looking
statements are qualified in their entirety by this cautionary
statement and Carey Watermark Investors Incorporated and its related
and affiliated companies assume no, and hereby disclaim any,
obligation to update the forward-looking statements contained herein.
This caution is made under the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995.
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W. P. Carey Inc.
Ross & Lawrence
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