Carey Watermark Pays $121M For NYC Holiday Inn
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.
“As the strongest performer of the top-25...
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