Tuesday, June 11, 2013

Carey Watermark Pays $113M for Chelsea Hotel

National Commercial Real Estate News From CoStar Group

Carey Watermark Pays $113M for Chelsea Hotel

Carey Watermark Investors, Inc. (CWI) has acquired the 226-room Holiday Inn Manhattan 6th Avenue located at 125 W. 26th St. in New York City from Magna Hospitality Group and Greenfield Partners LLC for $113 million, or $500,000 per key.

The 24-story, 64,764-square-foot hotel was built in 2008 on more than one-tenth of an acre in Manhattan's Chelsea submarket, between 6th and 7th Avenues, in close proximity to Penn Station, Madison Square Gardens...

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