CWI Lands Charlotte Marriott City Center
The REIT acquired the hotel following a $40 million renovation process completed in 2016. The building is now dubbed “The Beta Hotel” due to its ultra-modern features.
By Laura Calugar
Carey Watermark Investors 2 Inc., a non-traded real estate investment trust, acquired the 446-key Charlotte Marriott City Center in the city’s central business district. Following a $40 million capital revamp last year, the property is now one of the most technologically advanced full-service properties within the Marriott Hotels network.
The Charlotte Marriott City Center in Charlotte, N.C.
Located at 100 West Trade St., the Charlotte Marriott City Center is surrounded by 16 million square feet of office space. Recent renovations transformed the property into a futuristic hotel with updated guest rooms, public space, event space and programming. The hotel allows guests to test the newly implemented product and service concepts first-hand and give feedback in real-time.
“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. Given our own focus on continuing to develop product and service concepts to enhance the guest experience, the property’s designation as M Beta made it a strategic acquisition for the CWI 2 portfolio,” said CWI 2 CEO Michael Medzigian, in prepared remarks.
The renovation of the 19-story asset added eight guest rooms, five food and beverage outlets, a fitness center, lounge and lobby space. Charlotte Marriott City Center features 20,000 square feet of meeting space and 13 breakout areas, including a 9,100-square foot ballroom and a business center. LG technologies were installed in key areas of the hotel, including video walls with enhanced sound bars in the gym, LG OLED TVs and monitors in the hotel’s M Club Lounge, and LG Studio premium kitchen appliances in communal guest spaces.
Several Fortune 500 companies, including Bank of America, Duke Energy and the East Coast operations of Wells Fargo, are located nearby. The area is also home to major sports teams with stadiums within one mile of the hotel. Other nearby demand generators include the NASCAR Hall of Fame, the 280,000-square foot Charlotte Convention Center and EpiCentre, a mixed-use entertainment and dining attraction. More than two million square feet of office space, 600,000 square feet of retail space and 3,400 residential units are currently under construction or in the planning phase in the immediate area.
Image courtesy of Carey Watermark Investors 2
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