Carey Watermark Investors Incorporated (CWI) has acquired the Courtyard Times Square West in Manhattan. CWI’s total investment in the property is approximately $95 million. 

Several factors spurred the move, including the strength of the New York lodging market. The city’s occupancy averaged 78.3 percent from 1991 to 2013 as compared to 61.8 percent nationally over the same period. Year-to-date through March, New York achieved a RevPAR of $161, outperforming the U.S. by 142 percent.
The Courtyard Times Square West boasts a prime location in the heart of Midtown Manhattan, which houses more than 75 percent of New York’s 389 million square feet of office space. The Courtyard brand is also one of the most highly desirable select-service brands in the lodging industry. 

The hotel, built in 2013, was designed with a more open, expansive lobby and larger guestrooms and public spaces when compared to the select-service supply in the market.
“The acquisition of the Courtyard Times Square West represented the opportunity to invest in a newly built, high quality, select-service property with strong brand affiliation in one of the strongest domestic hotel markets,” says Michael Medzigian, CEO of CWI. “Given these attributes, we believe that the investment will be a solid cash flow-generating addition to our growing portfolio.”
