AAA Five Diamond beachfront luxury hotel added to portfolio.
NEW YORK – Carey Watermark Investors Incorporated (CWI 1) announced that it has acquired a majority interest in The Ritz-Carlton, Fort Lauderdale property in a joint venture with RCFL Holdco, LLC, an affiliate of Gencom, one of North America’s leading hospitality and luxury hospitality-related residential real estate investment and development firms. This transaction marks Carey Watermark Investors’ third joint venture purchase with the Gencom family of companies, following The Ritz-Carlton, Philadelphia (CWI 1) and The Ritz-Carlton, Key Biscayne, Miami, (CWI 1 and CWI 2) acquisitions. The three transactions represent a total investment of more than $500 million.
Key Facts
- Premier beachfront location in Fort Lauderdale: Located on Fort Lauderdale Beach, adjacent to some of the area’s most exclusive, high-end residential real estate, the hotel is within proximity to leisure demand generators, including golf courses, shopping malls, museums, nightclubs and marinas. The Ritz-Carlton, Fort Lauderdale is minutes away from Fort Lauderdale-Hollywood International Airport and Port Everglades, and within a 30-minute drive to Miami International Airport.
- Robust Fort Lauderdale hotel market: From 2009 to 2014, the Fort Lauderdale lodging market RevPAR experienced a compound annual growth rate of 7.6% and is projected to increase over the next two years, according to PKF Hospitality Research.
- Extensive renovation planned for 2015: An extensive renovation of the hotel is planned for 2015, including a complete renovation and re-conceptualization of the three-meal restaurant, renovation and expansion of the spa to include new sauna and steam areas, the addition of an indoor/outdoor bar, updates to the main lobby and other public spaces, and the creation of a signature 3,700 square-foot retail store.
- Strong Marriott brand affiliation: The hotel will continue to be managed by The Ritz-Carlton Company, L.L.C. (The Ritz Carlton), an affiliate of Marriott International. As part of The Ritz-Carlton’s portfolio, the hotel benefits from its luxury branding and Marriott’s management platform affiliation, including access to The Ritz-Carlton’s global distribution system and The Ritz-Carlton Rewards program.
- AAA Five Diamond luxury hotel amenities:
– 166 guestrooms
– 34 third-party owned condominium hotel units (32 included in hotel managed rental pool)
– 28 third-party owned residential units
– 25,000 square feet of meeting and function space
– 8,500 square-foot spa
– Outdoor infinity swimming pool and 29,000 square-foot pool deck
– Skywalk to beach
– Fitness center
– Business center
– Four food & beverage outlets.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
