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Carey Watermark Investors
2 Acquires Embassy
Suites by Hilton Denver
- Downtown/Convention Center
|
New
York, NY – November 2015 / Newsmaker Alert / Carey
Watermark Investors 2 Incorporated (CWI 2) a non-traded real estate
investment trust (REIT) focused on investing in lodging and lodging-related
properties, announced that it has purchased the Embassy Suites by Hilton
Denver – Downtown/Convention Center, a 403-suite, full-service hotel located
in Denver, Colorado.
Key
Facts
-
Institutional-quality
hotel property with planned enhancements: The Embassy Suites by Hilton
Denver – Downtown/Convention Center hotel, which opened in December 2010,
is a 17-story state-of-the-art property for the Embassy Suites by Hilton
brand. It features a 14-story glass “sky curtain” that showcases a beautiful
open-air atrium and fills the hotel with abundant natural light. The property
was the first LEED Silver certified hotel to open in Denver and the first
in the Embassy Suites system. CWI 2 plans to complete a guestroom soft
goods renovation starting in the winter of 2016.
-
Central
downtown location: The hotel is located directly across the street
from the Colorado Convention Center and in close proximity to Denver’s
downtown financial, cultural and convention districts. In addition to the
Convention Center, the hotel is located near professional sports venues,
shops, restaurants and cultural attractions, and is adjacent to a light
rail station.
-
Strong
Denver lodging market: The Denver lodging market remains vibrant with
a significant corporate base, strong convention business and a number of
major downtown commercial, retail and residential development projects
in the pipeline, currently totaling $1.5 billion. From 1987 to 2014, the
Denver lodging market ranked in the top five U.S. markets on a RevPAR growth
basis.
-
Strong
management: Denver-based Sage Hospitality will continue to manage the
hotel. Sage Hospitality is one of the largest privately-held hospitality
investment, management and development companies in the United States,
operating more than 74 premium-branded and lifestyle hotels.
-
Hilton
Worldwide brand affiliation: Embassy Suites by Hilton, one of Hilton
Worldwide’s 12 market-leading brands, is a full-service, upscale brand
which offers two-room suites, free made-to-order breakfast and a nightly
two-hour reception with complimentary drinks and snacks. Additional brand
standard amenities include 24-hour business and fitness centers. Embassy
Suites by Hilton has over 220 hotels with more than 40 in the pipeline
and caters to both business and leisure travelers.
Property
and amenities:
-
403 suites
-
26,000
square feet of meeting space
-
Full-service
American-style restaurant and bar
-
Leased
restaurant located at the street level
-
Starbucks
cafe
-
Indoor
swimming pool and fitness center
-
Three
level subterranean parking garage with 185 spaces
Management
Commentary
Michael
Medzigian, Chief Executive Officer of CWI 2, said: “The acquisition of
the Embassy Suites by Hilton Denver – Downtown/Convention Center allowed
us to add a well-located, institutional-quality, full-service property
in a strong market to the CWI 2 portfolio. Given the historical strength
of the Denver market, as well as the development pipeline for office, residential
and retail uses, we are confident that Denver will continue to be one of
the country’s leaders in terms of RevPAR growth. Additionally, we believe
many factors will enable the hotel to maintain its position as a top performer
among full-service properties in downtown Denver, thereby providing attractive
risk-adjusted returns for our investors.”
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.
About
Carey Watermark Investors 2
CWI
2 is a publicly registered real estate investment trust 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 portfolio. www.careywatermark2.com
Contact:
Brittany
Rooney
W.
P. Carey Inc.
212-492-8921 |