An investment trust has acquired a majority interest in the Ritz-Carlton Fort Lauderdale.
Real estate investment trust Carey Watermark Investors Inc. bought the stake in a joint venture with RCFL Holdco LLC, the New York-based company said this week. The price was not disclosed.
RCFL is an affiliate of Gencom, a Miami-based real estate and investment and development firm. Another Gemcom affiliate, RCFL Investor LLC, had purchased the Fort Lauderdale hotel in July 2013 for $65.7 million, according to Broward County property records.
The 24-story, 166-room upscale resort at 1 N. Fort Lauderdale Beach Blvd. is undergoing a nearly $9 million renovation that will result in a new restaurant and indoor/outdoor bar, spa enhancements including new steam and sauna rooms and two new stores.
The Fort Lauderdale hotel deal is Carey Watermark’s third joint venture purchase with the Gencom family of companies and follows its acquisition of The Ritz-Carlton, Key Biscayne and The Ritz-Carlton, Philadelphia.
The three transactions represent an investment of more than $500 million, Carey Watermark said.