Carey Watermark Pays $121M For NYC Holiday Inn

Law360, New York (June 11, 2013, 6:49 PM EDT) -- Carey Watermark Investors Inc. has purchased the Holiday Inn hotel in Chelsea from InterContinental Hotels Group for $121.4 million, the real estate investment trust announced Tuesday.

The 226-room, 24-story hotel will be the debut New York City purchase for Carey Watermark, which targets undervalued hospitality assets and those with “broken capital structures,” according to its website. The deal was financed with $80 million of debt, and included a $113 million purchase price plus $8.4 million of planned capital improvements.

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