Marriott hotel near the Country Club Plaza is sold for $57 million

The 19-story Marriott hotel near the Country Club Plaza has been acquired for about $57 million by a New York real estate investment firm.

The new owner, Carey Watermark Investors Inc., said in Wednesday’s announcement that it is planning extensive interior and exterior renovations of the 295-room hotel.

The Kansas City Marriott Country Club Plaza at 4445 Main St. will continue to operate under the Marriott flag and be managed by Interstate Hotels & Resorts, the investment firm said. The seller was an affiliate of Noble Investment Group.

The full-service hotel, which opened in early 1987 and overlooks the Plaza shopping, office and entertainment district, has 16,000 square feet of meeting space, three food and beverage operations, and a fitness center, indoor pool and spa.

As part of its investment, Carey Watermark said it is planning complete room and corridor renovations and improvements to make the lobby more modern, open and flexible.

Meeting rooms and food and beverage operations also will be updated, and unspecified exterior renovations are planned, the company said.

The renovations are scheduled to begin in 2016 and should be completed that year.

“These improvements … will position the property attractively compared to its peers,” Carey Watermark said.

The investment trust said the $14.8 million in capital spending and other acquisition costs will bring its total investment in the hotel to $71.5 million.

Carey Watermark is a real estate trust that invests primarily in lodging and related properties.

Michael Medzigian, the investment firm’s chief executive officer, said the acquisition of the hotel near the Plaza “represented an opportunity to invest in a high-quality, full-service property located in the heart of the most desirable lodging destination in Kansas City.”

This story was originally published November 19, 2014 at 4:40 PM with the headline "Marriott hotel near the Country Club Plaza is sold for $57 million."