Carey Watermark Investors 2 Incorporated, a non-traded real estate investment trust focused on investing in lodging and lodging-related properties, acquired the Charlotte Marriott City Center, located in Charlotte, N.C.
CWI 2 entered into a long-term management agreement with Marriott International and the hotel will continue to benefit from its Marriott brand affiliation and management.
More than $40 million of capital improvements to the property were completed in 2016 to reposition it as the most technologically advanced full-service property within the Marriott system. Now dubbed the “Beta Hotel” for its cutting-edge concepts, the recent renovations have transformed the upscale property into a modern hotel, including innovative guestrooms, public space, event space and programming. The property functions as a real-time platform for guest feedback and ideas to enhance all aspects of the hotel experience. The renovation added eight guestrooms, five food-and-beverage outlets, a fitness center, a newly programmed M Club Lounge and lobby core.
Charlotte’s Uptown market has been one of the fastest growing lodging markets in the US, achieving a 5.8 percent revenue per available room compound average growth rate since 1990 versus the US average of 3.1 percent. The 2016 RevPAR for the Charlotte central business district increased 5.5 percent year-over-year.
The Charlotte Marriott City Center sits at one of the busiest intersections in Charlotte’s CBD, surrounded by 16 million square feet of office space. Several Fortune 500 companies, including Bank of America, Duke Energy and the East Coast operations of Wells Fargo, are located in the CBD. The area is also home to major sports teams with stadiums within 1 mile of the hotel.
Other nearby demand generators include the NASCAR Hall of Fame, the 280,000-square-foot Charlotte Convention Center and EpiCentre, Charlotte’s primary mixed-use entertainment and dining attraction. More than 2 million square feet of office space, 600,000 square feet of retail space and 3,400 residential units are currently under construction or are in planning in the immediate area.