PR Newswire
NEW YORK, Oct. 31, 2014
NEW YORK, Oct. 31, 2014 /PRNewswire/ -- Carey Watermark Investors Incorporated (CWI), a non-traded real estate investment trust (REIT) focused on investing in lodging and lodging-related properties, announced that it has acquired the Staybridge Suites Savannah Historic District, a 104-room select service hotel located in Savannah, GA.
Key Facts
Management Commentary
Michael Medzigian, Chief Executive Officer of CWI, commented: "The acquisition of the Staybridge Suites Savannah Historic District represented the opportunity to invest in a high quality, select-service property in a top tourist location with high barriers to entry. We believe that our planned renovations of both rooms and corridors, in conjunction with the recent renovation of the lobby, will further enhance the property. The addition of this asset to the CWI portfolio will be accretive to current cash flow and has the potential to create future value for our investors."
Carey Watermark Investors
CWI is a publicly registered, non-traded REIT that was formed to make investments primarily in the lodging and lodging-related sectors. Affiliates of W. P. Carey Inc. and Watermark Capital Partners advise CWI and manage its overall portfolio. www.careywatermark.com
This press release contains forward-looking statements within the meaning of the Federal securities laws. The statements of Mr. Medzigian are examples of forward looking statements. A number of factors could cause actual results, performance or achievement to differ materially from those anticipated. Among those risks, trends and uncertainties are the risks related to CWI's public offering; the general economic climate; the supply of and demand for hotels; interest rate levels; the availability of financing; and other risks associated with the acquisition and ownership of hotels. For further information on factors that could impact CWI, reference is made to its filings with the Securities and Exchange Commission.
Company contact:
Kristina McMenamin
W. P. Carey Inc.
212-492-8995
kmcmenamin@wpcarey.com
Press contact:
Guy Lawrence
Ross & Lawrence
212-308-3333
gblawrence@rosslawpr.com
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SOURCE Carey Watermark Investors Incorporated