Carey Watermark Investors Inc. (CWI) has acquired Raleigh Marriott City Center, a 400-room full-service hotel that opened in downtown Raleigh, NC, in 2008 along with the opening of the 500,000-square foot-Raleigh Convention Center.
CWI, a non-traded REIT operated by private-equity firm W. P. Carey Inc., bought the hotel $83 million purchase price and will invest $6 million of planned capital improvements and other acquisition-related costs. The investment was financed with $51.5 million of debt, and the hotel will continue to be managed by Interstate Hotels & Resorts.
The 17-story hotel opened in 2008 in conjunction with the opening of the 500,000 square foot Raleigh Convention Center in the Fayetteville Street District, which connects to the hotel via an underground walkway. The convention center has generated significant economic activity in the downtown core and greater Raleigh area.