Carey Watermark Investors (CWI), a non-traded REIT co-sponsored by W.P. Carey and Watermark Capital Partners, has added another property to its growing list. Less than a month ago CWI acquired two properties in one week and now with the addition of Kansas City Marriot Country Club Plaza, its portfolio has swelled to include over 25 properties.
For $71.5 million, including closing costs, CWI has acquired a 19-story hotel with 295 rooms and 16,000 square feet of meeting space. The Kansas City Marriot Country Club Plaza is located in a 55 acre, 15 block shopping district known as Country Club Plaza. Four miles from downtown Kansas City, the plaza consists of approximately 150 restaurants, retail establishments, and entertainment venues. CWI financed the acquisition with $38.5 million of debt.
Michael Medzigian, Chief Executive Officer of CWI, commented, “The acquisition of the Kansas City Marriott Country Club Plaza represented an opportunity to invest in a high-quality full-service property located in the heart of the most desirable lodging destination in Kansas City.”
CWI has planned to improve aspects of the hotel such as the exterior, meeting spaces, and updates to food and lodging outlets. Marriot’s “Greatroom” lobby concept will also be implemented, featuring open and flexible lobby space for guests to utilize in a variety of ways.
“We believe that our planned hotel renovations, updating guest rooms and refreshing public and meeting spaces will materially enhance the hotel’s positioning in the market providing longer-term value creation for our investors.” added Mr. Medzigian.
Formed in 2008, CWI focuses on lodging and lodging-related investments. The company’s initial public offering closed in 2014 after raising $586.2 million.