The Real Deal New York

Carey Watermark buys Courtyard hotel for $95M

224-room hotel near West 38th Street opened one year ago

May 28, 2014 11:42AM

courtyard-by-marriott

307 West 37th Street

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

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