Investors buy majority stake in Ritz-Carlton Fort Lauderdale

Miami /
Jul.July 01, 2015 12:15 PM

Carey Watermark Investors, a publicly traded real estate investment trust, has purchased a majority stake in the Ritz-Carlton Fort Lauderdale.

The company said in a release that it made the purchase in a joint venture with an affiliate of Gencom, a hospitality and multifamily manager and developer.

This marks the third investment by the joint venture, all of which were Ritz-Carltons. The other locations are in Philadelphia and Key Biscayne, and Carey valued them at more than $500 million.

The company said the Ritz-Carlton Fort Lauderdale condo-hotel was an attractive investment because of its beachfront location and Fort Lauderdale’s growing hospitality market.

The Ritz-Carlton Fort Lauderdale is also in the midst of a $9 million renovation, which includes the creation of an indoor-outdoor bar and a 3,700-square-foot retail store. The building’s public areas, lobby, restaurant and spa will also get a facelift.

“The joint venture investment in The Ritz-Carlton, Fort Lauderdale represented the opportunity to acquire the only AAA Five Diamond hotel in Fort Lauderdale—a strong-growth market that benefits from solid fundamentals and a strategic location with respect to air transportation and leisure demand generators,” wrote Michael Medzigian, CEO of Carey Watermark, in the release.” — Sean Stewart-Muniz


Related Articles

arrow_forward_ios
Images of Arte, Ritz-Carlton Residences Miami Beach, Ritz-Carlton Residences Miami Beach and One Thousand Museum (One Thousand Museum via One Sotheby's)

Buyers shift to condos as waterfront single-family luxury inventory dwindles in South Florida

Buyers shift to condos as waterfront single-family luxury inventory dwindles in South Florida
Inside look at the Ritz-Carlton Residences Sunny Isles: PHOTOS

Inside look at the Ritz-Carlton Residences Sunny Isles: PHOTOS

Inside look at the Ritz-Carlton Residences Sunny Isles: PHOTOS
Diego Arnaud and Ritz-Carlton Residences, Sunny Isles Beach

Mexican steel CEO buys condo at Ritz-Carlton in Sunny Isles

Mexican steel CEO buys condo at Ritz-Carlton in Sunny Isles
Rendering of the Ritz-Carlton Residences, Sunny Isles Beach with Manuel Grosskopf and Edgardo Defortuna

Ritz-Carlton Residences Sunny Isles developers pay off $212M loan

Ritz-Carlton Residences Sunny Isles developers pay off $212M loan
Ritz-Carlton Residences Sunny Isles Beach (Credit: Sunny Isles Property Venture LLC and iStock)

Gastroenterologist buys unit at Ritz-Carlton Sunny Isles

Gastroenterologist buys unit at Ritz-Carlton Sunny Isles
Ritz-Carlton Residences Miami Beach

Dialysis exec nabs condo at Ritz-Carlton Residences Miami Beach

Dialysis exec nabs condo at Ritz-Carlton Residences Miami Beach
Ritz Carlton Residences Miami Beach and Petra Levin

Petra Levin snags condo at Ritz-Carlton Residences Miami Beach

Petra Levin snags condo at Ritz-Carlton Residences Miami Beach
Peter DiCorpo and Nathalie Rader

Movers & Shakers: Allen Morris Co. taps new COO & more

Movers & Shakers: Allen Morris Co. taps new COO & more
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...