Information contained on this page is provided by an independent third-party content provider. WorldNow and this Station make no warranties or representations in connection therewith. If you have any questions or comments about this page please contact email@example.com.
SOURCE Carey Watermark Investors Incorporated
Capital improvement program aims to increase market penetration
NEW YORK, Dec. 23, 2013 /PRNewswire/ -- Carey Watermark Investors Incorporated (CWI), a non-traded real estate investment trust ("REIT") focused on investing in lodging and lodging-related properties, announced that it has acquired the Renaissance Chicago Downtown Hotel, a 553-room full-service hotel, located at 1 West Wacker Drive across from the Chicago River in downtown Chicago, for $139 million.
Michael Medzigian, Chief Executive Officer of CWI: "We view the acquisition of the Renaissance Chicago Downtown as a rare opportunity to invest in a premium-branded, institutional quality hotel, with an A+ location in one of the largest and strongest markets in the United States. Given an attractive purchase price, the growing Chicago market, and what we anticipate will be the positive impact of our planned capital improvements over the next two years, we believe that the investment will generate solid risk-adjusted returns for our investors."
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
Marriott International, Inc. (NASDAQ: MAR) is a leading lodging company based in Bethesda, Maryland, USA, with nearly 3,900 properties in 72 countries and territories and reported revenues of nearly $12 billion in fiscal year 2012. The company operates and franchises hotels and licenses vacation ownership resorts under 18 brands. For more information or reservations, please visit our web site at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.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
©2012 PR Newswire. All Rights Reserved.