Carey Watermark Investors Incorporated (CWI), announced that it has acquired a dual-brandes selec-service hotel, located in Denver's Central Business District. CWI's total investment in the Hilton property is approximately $85 million.
Carey Watermark Investors Incorporated (CWI), a non-traded real estate investment trust (REIT) focused on investing in lodging properties, announced that it has acquired a 302-room, dual-branded Hampton Inn & Suite and Homewood Suites, located in Denver's Central Business District. CWI's total investment in the property is approximately $85 million.
The $85 million investment includes an $81.5 million purchase price as well as acquisition-related costs and planned capital expenditures. The acquisition was financed with $53 million of debt. Opened in 2013, the building is an adaptive re-use redevelopment of a 1960s-era office building. As a result, the dual-branded hotel affords more open expansive lobby areas and larger guestrooms and public spaces, compared to the select-service supply in the market. 120 rooms are Hampton Inn & Suites and 182 suites are Homewood Suites.
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