Carey Watermark Investors Inc. has purchased the Holiday Inn Manhattan 6th Avenue hotel for approximately $121 million.
The total amount paid includes a $113 million purchase price and $8 million for planned capital improvements and acquisition costs. It was financed with $80 million in debt.
Built in 2008, the 24-story hotel is located at 125 West 26th Street and includes 226 rooms, a business center, gym and a 2,400-square-foot restaurant and lounge. The hotel is close to Penn Station, Madison Square Garden, Times Square and the Empire State Building.
"The opportunity to enter this market through the acquisition of a relatively new, well located property with an established operating history, strong initial cash returns and the potential for future appreciation made it an ideal investment for Carey Watermark," CWI chief executive Michael Medzigian said.