A prominent hotel in uptown Charlotte that’s popular with business travelers has been sold to an investment group, the company said Friday.
Carey Watermark Investors 2 said that it has purchased the Marriott Center City hotel on Trade Street for an undisclosed sum. Real estate records show the company paid just over $152 million for the hotel.
The hotel had been owned by the brand’s corporate parent Marriott International, a less-common arrangement in the hotel world, where properties are typically owned and operated by third parties under a license from the brand. The company spent $40 million renovating the hotel and turning it into a “beta” property to test new features, such as self-service check-in kiosks, new room designs and new restaurant options, such as Stoke and Coco & the Director.
“With the transformative renovation of the property incorporating Marriott's latest design and technology concepts, the Charlotte Marriott City Center is now recognized as one of the flagship Marriott properties throughout the country,” said Michael Medzigian, CEO of Carey Watermark Investors 2, in a statement. “With the strength of its location in the heart of the CBD, one of the highest growth lodging markets in the US, we believe the property is not only well positioned to deliver attractive current cash flow but also to benefit from the ongoing strength of the local economy.”
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Carey Watermark Investors 2 will operate the hotel under the Marriott brand, and has a long-term management contract with Marriott International.
The 19-story hotel totals 446 guest rooms, including four suites and 23 “stay/well” rooms that feature health and wellness functions such as vitamin C-infusing shower heads.