Real estate investment trust Carey Watermark Investors Incorporated (CWI) has acquired the Staybridge Suites Savannah Historic District hotel located in the US state of Georgia for $23m.
Located in Savannah’s Historic District, the hotel features 104 rooms housed in a two-storey and a four-storey building.
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The hotel also features 1,050ft² of meeting space, a lobby, fitness and business centres.
Interstate Hotels & Resorts will continue to manage the hotel, which is situated on East Bay Street and just a block away from River Street.
A renovation of rooms and corridors is planned to improve the property’s profile and potential for future value appreciation, CWI said.
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CWI chief executive officer Michael Medzigian said: "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.
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By GlobalData"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."
Image: The Staybridge Suites Savannah Historic District hotel features 104 rooms. Photo: Courtesy of Carey Watermark Investors Incorporated.
