KANSAS CITY, MO—Lodging REIT Carey Watermark Investors Inc. (CWI) has acquired the Kansas City Marriott Country Club Plaza, a 19-story, 295-room full-service hotel.
The $71.5-million investment includes the $56.7 million purchase price, as well as $14.8 million of other acquisition-related costs and planned capital expenditures. The acquisition was financed with $38.5 million of debt.
The hotel is located at the Country Club Plaza, a 55-acre, 15-block upscale shopping district located four miles from downtown Kansas City comprised of approximately 150 retail establishments, restaurants and entertainment venues. According to Carey Watermark, Country Club Plaza is the most desirable lodging destination for commercial and leisure travelers in Kansas City, which has experienced a cumulative average growth rate in RevPAR of 4.4% since 2009.
Planned improvements at the property include updates to food and beverage outlets, meeting spaces and the hotel’s exterior. The Kansas City Marriott Country Club Plaza also will implement Marriott Hotels’ signature Greatroom lobby concept.
Amenities at the 19-story hotel, which will continue to be managed by Interstate Hotels & Resorts, include 16,000 sq. ft. of meeting space, three food & beverage outlets, a fitness center, an indoor pool and spa, and complimentary wireless Internet access.
Michael Medzigian, CEO of CWI, commented: “The acquisition of the Kansas City Marriott Country Club Plaza represented an opportunity to invest in a high-quality, full-service property located in the heart of the most desirable lodging destination in Kansas City. We believe that our planned hotel renovations, updating guestrooms and refreshing public and meeting spaces will materially enhance the hotel’s positioning in the market providing longer-term value creation for our investors.”