RALEIGH, NC—Carey Watermark Investors Incorporated (CWI) has acquired Raleigh Marriott City Center, a hotel Downtown Raleigh, NC. CWI invested a total of $89 million: $83 million to acquire the hotel and $6 million in capital improvement and other costs.

“The acquisition of Raleigh Marriott City Center represented the opportunity to acquire a strategically located property in a strong downtown market that is further supported by the vibrant regional economic activity of The Triangle,” says Michael Medzigian, CEO of CWI. The investment was financed with $51.5 million of debt. Interstate Hotels & Resorts will continue to manage the hotel.

The 400-room, 17-story hotel opened in 2008 in conjunction with the launch of a 500,000-square-foot Raleigh Convention Center. The city developed the convention center in the heart of the Fayetteville Street District in order to attract convention and meeting business. According to the city, the convention center has generated significant economic activity in the downtown core and greater Raleigh area.