Carey Watermark Investors acquired the Staybridge Suites Savannah Historic District, a 104-room select service hotel located in Savannah, Ga.
The hotel is located in Savannah's Historic District, and a renovation of the rooms and corridors of the property is planned. CWI's $25.5-million investment includes the $22.8 million purchase price as well as $2.7 million in other acquisition-related costs and planned capital expenditures. The acquisition was financed with $14.9 million of debt.
The hotel will continue to be managed by Interstate Hotels & Resorts.