NEW YORK—Carey Watermark Investors Incorporated (CWI), a non-traded real estate investment trust (REIT) focused on investing in lodging and lodging-related properties, has acquired the Staybridge Suites Savannah Historic District, a 104-room select service hotel located in Savannah, GA.
The $25.5 million investment includes the $22.8 million purchase price as well as $2.7 million of other acquisition-related costs and planned capital expenditures. The acquisition was financed with $14.9 million of debt.
Michael Medzigian, CEO 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.”
Staybridge Suites Savannah is located in Savannah’s Historic District, the largest National Historic Landmark District in the United States, containing more than 20 city squares filled with museums, churches, mansions, monuments and forts of the Revolutionary and Civil War eras. The hotel is located on East Bay St. and just a block away from River St. The Savannah College of Art and Design—which has over 10,000 undergraduates—is located one mile north of the hotel.
A comprehensive renovation of rooms and corridors is planned, to go along with a recently completed lobby renovation. The hotel will continue to be managed by Interstate Hotels & Resorts.
Made up of a two-story and a four-story building, the hotel also features 1,050 sq. ft. of meeting space and fitness and business centers.