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Carey Watermark Investors
2 Acquires Courtyard Nashville Downtown
|
Landmark select-service hotel added
to portfolio
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New
York, NY – May 2015 / Newsmaker Alert / Carey
Watermark Investors 2 Incorporated (CWI 2) announced that it has acquired
the historic Courtyard Nashville Downtown, a select-service hotel that
includes 192 guestrooms and is located in downtown Nashville within the
Printers Alley Historic District.
Key
Facts
-
High
quality historic Nashville hotel: The Courtyard Nashville Downtown
is a high quality, 12-story historic building on the National Register
of Historic Places. Originally built in 1895 using steel, concrete and
brick masonry construction, the property was home to First National Bank
from 1905 until it was converted to the Courtyard in 1998. The hotel’s
reception area and lounge/restaurant are housed in the bank’s former “Grand
Hall,” with distinctive details that include 30-foot ceilings, extensive
millwork and floor-to-ceiling windows. Because the property is a retrofit
of a historic structure, guestrooms are generally oversized. The property
is in excellent physical condition, having recently concluded a complete
refresh of the guestrooms and corridors.
-
Attractive
location in downtown historic district: The hotel is located within
the Printers Alley Historic District, a nationally registered district
comprised of 15 historic buildings built between 1874 and 1929. The hotel
is also in close proximity to the city’s primary leisure demand generators,
including the nightclubs and restaurants of Nashville’s famed Broadway,
as well as the Gaylord Entertainment Center, Bridgestone Arena, Music Row
and the Country Music Hall of Fame. The hotel is also located within the
central business district, which contains over fifteen million square feet
of office space. Additionally, the hotel is proximate to the new 1.2-million
square-foot Music City Convention Center, which opened in May 2013 and
has been an integral driver of market-wide demand through strong year-over-year
growth in attendance.
-
Strong
Nashville market: From 2009 through 2014, RevPAR for the Nashville
market saw compound annual growth of 11.2%, compared to the U.S. RevPAR
compound annual growth of 6.8% over the same period. Due in large part
to its vibrant entertainment and music scene, but also driven by the city’s
emerging corporate and convention-related demand, Nashville draws more
than 12 million visitors annually.
-
Recent
hotel renovations: In April, the property completed a $2.9 million
renovation, which included a full soft and case good replacement in the
guestrooms, upgrades to the guest bathrooms and a refresh of the guestroom
corridors. A complete lobby renovation was completed in 2012.
-
Marriott
management and brand affiliation: As part of CWI 2’s business plan,
the hotel will continue to be managed by Marriott International. The Courtyard
brand is one of the most highly desirable select-service brands in the
lodging industry. The hotel benefits from its affiliation with Marriott
International, utilizing its strong reservation system and loyalty program—Marriott
Rewards—one of the top loyalty programs in the industry. Marriott benefits
from excellent brand recognition and demand among both domestic and international
travelers.
Property
and amenities:
-
192 guestrooms
-
3,226
square feet of interior meeting space
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The Bistro
– Eat. Drink. Connect.® lobby restaurant and lounge concept
-
Lobby-level
business center
-
24-hour
fitness center
Management
Commentary
Michael
Medzigian, Chief Executive Officer of CWI 2, stated: “CWI 2’s investment
in the Courtyard Nashville Downtown represented the opportunity to secure
a well-located, newly renovated select-service hotel in a market we have
been actively targeting as a result of its recent growth and strong outlook.
We believe that the hotel—with its attractive location within Nashville’s
historical district coupled with the uniqueness of the historic property—represents
a strong addition to CWI 2’s portfolio.”
Carey
Watermark Investors 2
Carey
Watermark Investors 2 Incorporated is a publicly registered real estate
investment trust (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 2 and manage its overall portfolio.
www.careywatermark2.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 general economic climate;
the supply of and demand for hotels; interest rate levels; the availability
of financing; other risks associated with the acquisition and ownership
of hotels and risks related to CWI 2’s offering of shares. For further
information on factors that could impact CWI 2, reference is made to its
filings with the Securities and Exchange Commission. Statements about past
performance, which are presented for informational purposes only, are not
a guarantee of future results.
Company
contact:
Kristina
McMenamin
W.
P. Carey Inc.
212-492-8995
Press
contact:
Guy
Lawrence
Ross
& Lawrence
212-308-3333 |