{"id":8097,"date":"2016-06-29T13:58:22","date_gmt":"2016-06-29T17:58:22","guid":{"rendered":"https:\/\/qa.bluevaultpartners.com\/?post_type=news&#038;p=8097"},"modified":"2016-06-29T13:58:22","modified_gmt":"2016-06-29T17:58:22","slug":"carey-watermark-investors-2-acquires-le-meridien-arlington","status":"publish","type":"post","link":"https:\/\/qa.bluevaultpartners.com\/carey-watermark-investors-2-acquires-le-meridien-arlington\/","title":{"rendered":"Carey Watermark Investors 2 Acquires Le M\u00e9ridien Arlington"},"content":{"rendered":"<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<hr \/>\n<p>&nbsp;<\/p>\n<h1>Carey Watermark Investors 2 Acquires Le M\u00e9ridien Arlington<\/h1>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft\" src=\"http:\/\/photos.prnewswire.com\/prnvar\/20150501\/213371LOGO?max=200\" alt=\"\" width=\"200\" height=\"175\" \/><\/p>\n<p class=\"subtitle\">154-room top performing hotel centrally located in Washington, DC region<\/p>\n<p class=\"release-details\">June 29, 2016 07:48 ET from <a href=\"http:\/\/www.prnewswire.com\/news\/carey+watermark+investors+2\">Carey Watermark Investors 2<\/a><\/p>\n<p><span class=\"xn-location\">NEW YORK<\/span>, <span class=\"xn-chron\">June 29, 2016<\/span> \/PRNewswire\/ &#8212;\u00a0Carey Watermark Investors 2, Incorporated (CWI 2), a non-traded real estate investment trust (REIT) focused on investing in lodging and lodging-related properties, announced that it has acquired the Le M\u00e9ridien <span class=\"xn-location\">Arlington<\/span>. The hotel is part of a mixed-use development that includes 621,000 square feet of Class A office space and 136 residential units, as well as the 154-guestroom Le M\u00e9ridien.\u00a0 Centrally located in the urban village of <span class=\"xn-location\">Rosslyn<\/span>, a submarket of <span class=\"xn-location\">Arlington, VA<\/span>, across the river from <span class=\"xn-location\">Georgetown<\/span>, the property is in close proximity to top destinations in the<span class=\"xn-location\">Washington, DC<\/span> area.<\/p>\n<p><b>Key Facts<\/b><\/p>\n<ul type=\"disc\">\n<li><b>Repositioned, renovated high-quality asset:<\/b> Built in 2008, the property was converted to the Le M\u00e9ridien brand in 2012. A <span class=\"xn-money\">$3 million<\/span> soft goods renovation of the guestrooms and meeting space is currently underway, resulting in a totally renovated asset.<\/li>\n<li><b>Strong <span class=\"xn-location\">Washington, DC<\/span>\/<span class=\"xn-location\">Northern Virginia<\/span> market:<\/b> <span class=\"xn-location\">Rosslyn<\/span>, a submarket of <span class=\"xn-location\">Arlington<\/span>, benefits from its proximity to numerous restaurants, shopping areas, tourist destinations and corporate offices within the <span class=\"xn-location\">Georgetown<\/span>\/<span class=\"xn-location\">Washington, DC<\/span> region. The <span class=\"xn-location\">Washington, DC<\/span>\/<span class=\"xn-location\">Northern Virginia<\/span>market has shown healthy RevPAR growth (5.1% in 2014 and 5.4% in 2015).<\/li>\n<li><b>Attractive urban location with high barriers to entry:<\/b> The <span class=\"xn-location\">Rosslyn<\/span> submarket includes more than 24.4 million square feet of office space and has limited developable land. The property is the only hotel that has been developed in <span class=\"xn-location\">Rosslyn<\/span> since 2000.<\/li>\n<li><b>Strong brand affiliation and management:<\/b> Le M\u00e9ridien, a Starwood Hotels &amp; Resorts brand, is a global hotel brand with a portfolio of more than 100 luxury and upper-upscale hotels across more than 50 countries worldwide. The hotel will continue to be managed by HEI Hotels &amp; Resorts, a hospitality owner and operator that operates 62 full-service, upper-upscale, luxury and premium select-service hotels and resorts throughout <span class=\"xn-location\">the United States<\/span>, including a total of nine properties owned by CWI 2 and its affiliate, Carey Watermark Investors. The property represents the only Le M\u00e9ridien in <span class=\"xn-location\">Virginia<\/span> and <span class=\"xn-location\">Washington, DC<\/span> and the only Starwood product in the <span class=\"xn-location\">Rosslyn<\/span> submarket.<\/li>\n<li><b>Property and amenities:<\/b>\n<ul type=\"circle\">\n<li>154 guestrooms<\/li>\n<li>4,800 square feet of indoor meeting and event space<\/li>\n<li>4,500 square feet of outdoor meeting and event space<\/li>\n<li>Bar\/lounge and full service restaurant<\/li>\n<li>Fitness center<\/li>\n<li>Business center<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<div class=\"pull-right inline-gallery-container col-sm-7 col-xs-12\">\n<div class=\"gallery inline-gallery\">\n<div class=\"row\">\n<div class=\"col-sm-12\">\n<figure>\n<div class=\"image \"><a href=\"https:\/\/photos.prnewswire.com\/prnvar\/20160628\/384485?max=1600\" data-toggle=\"lightbox\" data-type=\"image\" data-gallery=\"assetgallery\" data-parent=\".inline-gallery\" data-title=\"Carey Watermark Investors 2 Acquires Le Meridien Arlington\"><img decoding=\"async\" id=\"imageid_1\" class=\"gallery-thumb img-responsive\" src=\"https:\/\/photos.prnewswire.com\/prnvar\/20160628\/384485?max=650\" alt=\"Carey Watermark Investors 2 Acquires Le Meridien Arlington\" \/><\/a><\/div>\n<div class=\"gallery-social\"><\/div><figcaption>Carey Watermark Investors 2 Acquires Le Meridien Arlington<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><b>Management Commentary<br \/>\n<\/b><span class=\"xn-person\">Michael Medzigian<\/span>, Chief Executive Officer of CWI 2, said: &#8220;The acquisition of Le M\u00e9ridien <span class=\"xn-location\">Arlington<\/span>represented the opportunity to secure a fully renovated asset in one of the most attractive locations in <span class=\"xn-location\">Arlington<\/span> and the <span class=\"xn-location\">Washington, DC<\/span> region.\u00a0 The hotel is the highest quality asset in the <span class=\"xn-location\">Arlington<\/span>market and benefits from its proximity to nearby office buildings, as well as the greater <span class=\"xn-location\">Georgetown<\/span>and <span class=\"xn-location\">Washington, DC<\/span> markets. Given this positioning, as well as the limited availability of other sites for hotel development in the <span class=\"xn-location\">Rosslyn<\/span> market, we believe the property will continue to generate attractive near term cash flow and add incremental long-term value to CWI 2&#8217;s portfolio.\u00a0 Additionally, we are extremely pleased to continue to expand on our already important relationships with both Starwood Hotels &amp; Resorts and HEI Hotels &amp; Resorts.&#8221;<\/p>\n<p><b>Carey Watermark Investors 2<br \/>\n<\/b>CWI 2 is a publicly registered REIT that was formed to make investments primarily in the lodging and lodging-related sectors. Affiliates of W. P. Carey Inc. and Watermark Capital Partners advise CWI 2 and manage its overall portfolio. <a class=\"linkOnClick\" target=\"_blank\" rel=\"nofollow\" data-include=\"300291939\" data-omniture=\"http:\/\/www.careywatermark2.com\/\">www.careywatermark2.com<\/a><\/p>\n<p><i>This press release contains forward-looking statements within the meaning of the Federal securities laws. The statements of Mr. Medzigian are examples of forward-looking statements. A number of factors could cause CWI 2&#8217;s actual results, performance or achievement to differ materially from those anticipated. Among those risks, trends and uncertainties are the general economic climate; the supply of and demand for hotels; interest rate levels; the availability of financing; other risks associated with the acquisition and ownership of hotels; and risks related to CWI 2&#8217;s offering of shares. For further information on factors that could impact CWI 2, reference is made to its filings with the Securities and Exchange Commission. Statements about past performance (including regarding RevPAR growth) are presented for informational purposes only and are not a guarantee of future results.<\/i><\/p>\n<p><b>Press contact:<br \/>\n<\/b><span class=\"xn-person\">Guy Lawrence<\/span><br \/>\nRoss &amp; Lawrence<br \/>\n212-308-3333<br \/>\n<a class=\"linkOnClick\" target=\"_blank\" rel=\"nofollow\" data-include=\"300291939\" data-omniture=\"mailto:gblawrence@rosslawpr.com\">gblawrence@rosslawpr.com<\/a><\/p>\n<p>Photo &#8211; <a class=\"linkOnClick\" target=\"_blank\" rel=\"nofollow\" data-include=\"300291939\" data-omniture=\"http:\/\/photos.prnewswire.com\/prnh\/20160628\/384485\">http:\/\/photos.prnewswire.com\/prnh\/20160628\/384485<\/a><br \/>\nLogo &#8211; <a class=\"linkOnClick\" target=\"_blank\" rel=\"nofollow\" data-include=\"300291939\" data-omniture=\"http:\/\/photos.prnewswire.com\/prnh\/20150501\/213371LOGO\">http:\/\/photos.prnewswire.com\/prnh\/20150501\/213371LOGO<\/a><\/p>\n<p><a class=\"fasc-button fasc-size-medium fasc-type-flat fasc-ico-before dashicons-text\" style=\"background-color: #33809e; color: #ffffff;\" href=\"http:\/\/prn.to\/29321om\" target=\"_blank\" data-fasc-style=\"background-color:#33809e;color:#ffffff;\">Article Located Here<\/a><\/p>\n<div style=\"clear:both;\"><\/div>","protected":false},"excerpt":{"rendered":"<p>&nbsp; &nbsp; &nbsp; Carey Watermark Investors 2 Acquires Le M\u00e9ridien Arlington 154-room top performing hotel centrally located in Washington, DC region June 29, 2016 07:48 ET from Carey Watermark Investors &hellip; <\/p>\n<p><a href=\"https:\/\/qa.bluevaultpartners.com\/carey-watermark-investors-2-acquires-le-meridien-arlington\/\" class=\"read-more\">Read more<\/a><\/p>\n","protected":false},"author":6,"featured_media":6755,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[3010,2739],"tags":[],"class_list":["post-8097","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asset-manager-news","category-nontraded-reit"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.4 - 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