Aug
16

Raleigh Marriott City Center Sold

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Carey Watermark Investors Incorporated (CWI) announced that it has acquired Raleigh Marriott City Center, a premier full service hotel located in downtown Raleigh, North Carolina. The 400-room, 17-story hotel opened in 2008 in conjunction with the opening of the 500,000 square foot Raleigh Convention Center. The Convention Center was developed by the city in the heart of the Fayetteville Street District in order to attract convention and meeting business and according to the city has generated significant economic activity in the downtown core and greaterRaleigh area.

CWI’s total investment in the property is approximately $89 million, including an $83 million purchase price and $6 million of planned capital improvements and other acquisition–related costs. The investment was financed with $51.5 million of debt. The hotel will continue to be managed by Interstate Hotels & Resorts.

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