Guestroom renovations and Marriott Hotels' "Greatroom Lobby" concept planned.
NEW YORK – Carey Watermark Investors Incorporated (CWI), a non-traded real estate investment trust (REIT) focused on investing in lodging and lodging-related properties, announced that it has acquired the Kansas City Marriott Country Club Plaza, a 295-room full-service hotel, located in Kansas City, MO.
Key Facts
- Central location: Kansas City Marriott Country Club Plaza is located at the Country Club Plaza, a 55-acre, 15-block upscale shopping district located four miles from downtown Kansas City and comprised of approximately 150 retail establishments, restaurants and entertainment venues. The location also benefits from office demand, a hospital and the University of Missouri-Kansas City in the surrounding area.
- Strong submarket: The 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 property improvements: Planned improvements include updates to food and beverage outlets, meeting spaces and the hotel’s exterior. The Kansas City Marriott Country Club Plaza will also implement Marriott Hotels’ signature “Greatroom” lobby concept, which features modern, open and flexible lobby space for guests to use for business, leisure or time to themselves. These improvements, along with the complete room and corridor renovations, will position the property attractively compared to its peers.
- Attractive all-in investment: 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.
- Marriott brand affiliation: As a property of Marriott International’s flagship Marriott Hotels brand, the Kansas City Marriott Country Club Plaza benefits from Marriott’s strong reservation system and loyalty program, as well as its superior brand recognition and demand among both domestic and international travelers.
- Management: The hotel will continue to be managed by Interstate Hotels & Resorts.
- Property and amenities:
– 295 rooms housed in 19 stories
– 16,000 square feet of meeting space
– Three food & beverage outlets
– Fitness center, indoor pool and spa
– Complimentary wireless internet access
Michael Medzigian, Chief Executive Officer 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 guest rooms and refreshing public and meeting spaces will materially enhance the hotel’s positioning in the market providing longer-term value creation for our investors.”
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales.
She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.
