Carey Watermark purchases Midtown South Holiday Inn

Holiday Inn Manhattan 6th Avenue and Carey Watermark CEO Michael Medzigian
Holiday Inn Manhattan 6th Avenue and Carey Watermark CEO Michael Medzigian

Carey Watermark Investors announced the company’s acquisition of the 226-room Holiday Inn Manhattan 6th Avenue, at 125 West 26th Street, in a property investment totaling approximately $121.4 million, GlobeSt. reported.

Carey Watermark’s investment includes a purchase price of $113 million and $8.4 million in planned capital improvements and acquisition-related costs.

The investment was financed with $80 million of debt.

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“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,” said Michael Medzigian, the company’s CEO, in the announcement.

The property, constructed in 2008, also includes a 2,400-square-foot restaurant, Prime Café, as well as an adjoining lounge that is leased to a third-party operator. [GlobeSt]Julie Strickland