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W. P. Carey and Co. LLC
W. P. Carey and Co. LLC
06/04/2012 | Press release
Carey Watermark Investors Acquires Hampton Inn Boston/Braintree
distributed by noodls on 06/04/2012 08:33
NEW YORK, NY -- (Marketwire) -- 06/04/12 -- Carey Watermark Investors Incorporated (CWI) announced today that it has completed the acquisition of the Hampton Inn Boston/Braintree. The 4-story, 103 room select-service hotel is located at 215 Wood Road in Braintree, Massachusetts. The property's amenities include 1,010 square feet of meeting space, fitness center, business center, indoor pool/whirlpool and guest laundry. CWI's investment in the property will be approximately $15.5 million inclusive of a $1.9 million renovation that will be completed in early 2013. The hotel will be managed by StepStone Hospitality.
Located 10 miles south of the Boston Central Business District, the 1.91 acre site is proximate to the junction of Interstate 93, Route 24 and Route 3, three of Massachusetts' most trafficked roadways. Braintree is part of the Route 128 South submarket and the property is within a 10 mile radius of numerous corporate headquarters including Stop & Shop Companies (Royal Ahold), Reebok, Dunkin Donuts, Haemonetics, and One Beacon Insurance. Five million square feet of Class A office space is within five miles of the hotel, and South Shore Plaza, a regional mall with approximately 2.2 million square feet of shopping and dining, is located in close proximity. Hampton Inn is one of the premier Hilton select service brands with 50% of the property's business currently coming through Hilton distribution channels.
Commenting on the investment, Michael Medzigian, Chief Executive Officer of CWI, said, "Consistent with CWI's strategy of leveraging our hospitality industry and asset management expertise to add value to our portfolio holdings, our plan for the property includes a full renovation of all guest rooms and public spaces. The Hampton Inn Boston/Braintree's competitive position in a market with high barriers to entry offers the potential to increase revenues and maximize value. We look forward to working with StepStone Hospitality on the management of the property in order to capitalize on the opportunity for both current income and capital appreciation."
Carey Watermark Investors
Carey Watermark Investors Incorporated is a publicly
registered non-traded real estate investment trust (REIT)
that was formed to make investments primarily in the
lodging and lodging-related sectors. Affiliates of
W. P. Carey & Co. LLC (NYSE: WPC) and
Watermark Capital Partners, LLC advise the REIT and
manage its overall portfolio.
www.careywatermark.com
StepStone Hospitality
StepStone Hospitality is a Rhode Island based hotel
management company that manages urban, suburban and resort
properties. StepStone is approved to manage all major
brands and also has extensive experience developing and
managing independent hotels.
www.stepstonehospitality.com
Hampton Hotels
The Hampton brand, including Hampton Inn, Hampton Inn &
Suites and Hampton by Hilton, is an award-winning leader in
the mid-priced hotel segment. With nearly 1,900 properties
globally, Hampton Hotels is part of Hilton Worldwide, the
leading global hospitality company. All Hampton Hotels
offer warm surroundings and a friendly service culture and
personality, defined as "Hamptonality," supported
by its
100% Satisfaction Guarantee. High-quality
accommodations, in-room conveniences and the latest
technology, combined with numerous locations and consistent
offerings, have made Hampton a leader in its segment and
one of the fastest growing hotel brands.
www.hampton.com,
http://news.hampton.com,
www.facebook.com/Hampton,
http://twitter.com/Hampton or
www.youtube.com/Hampton.
Forward-Looking Statements
Certain statements contained herein may be deemed to be
forward-looking statements under federal securities laws
and the company intends that such forward-looking
statements be subject to the safe-harbor provisions created
thereby. All forward-looking statements are qualified in
their entirety by this cautionary statement and Carey
Watermark Investors Incorporated and its related and
affiliated companies assume no, and hereby disclaim any,
obligation to update the forward-looking statements
contained herein. This caution is made under the safe
harbor provisions of the Private Securities Litigation
Reform Act of 1995.
COMPANY CONTACT: Cheryl Sanclemente W. P. Carey & Co. LLC 212-492-8995 Email Contact PRESS CONTACT: Guy Lawrence Ross & Lawrence 212-308-3333 Email Contact
Source: Carey Watermark Investors
