Hotel-centric real estate investment trust Carey Watermark Investors paid $95 million for the 27-story Courtyard by Marriott Times Square West hotel.
The 224-room hotel near West 38th Street opened a year ago. It holds 655 square feet of meeting space, the New York Observer reported. Carey Watermark financed the deal with $56 million of debt, acquiring the property from Navin Dimond of Colorado-based hospitality firm Stonebridge Companies. Dimond paid $3.8 million for the site in 2008, records show. Nearly a year ago, Carey Watermark bought the Holiday Inn Manhattan Sixth Avenue for $113 million. [NYO] — Mark Maurer