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New York investor buys a Ritz-Carlton in Florida

The Ritz-Carlton, Fort Lauderdale was taken over by Carey Watermark Investors in a joint venture with RCFL Holdco, LLC, an affiliate of the real estate investment and development firm Gencom.

The New York investor Carey Watermark Investors announced the purchase of the Ritz-Carlton in Fort Lauderdale in collaboration with RCFL Holdco, LLC, affiliate of Gencom. It is the third transaction carried out by this joint venture that concerns Marriott International's luxury chain including the walls of the Ritz-Carlton, Philadelphia and the Ritz-Carlton, Key Biscayne, Miami. The three properties represent a purchase for more than 500 million dollars. The hotel continues to be administered by The Ritz-Carlton Company, L.L.C. through a management contract.

Fort Lauderdale is a city north of Miami. The five-star property is shore front and has 166 rooms and several residences. It has 2,320 square meters for events, 790 square meters dedicated to spa services, a fitness center, an outdoor swimming pool and four F&B offerings including Poolside Café, a bar by the swimming pool. Renovations will take place at the end of the year in the reception area, the dining area and a bar will be added. The spa will have a new sauna and Turkish bath. New boutiques are also expected to open. The total of the investment has not been disclosed.

The Ritz-Carlton Company is an affiliate of the Marriott International Group. As of January 1, 2015, it was the third hotel group worldwide in terms of number of rooms with 701,899 units at 4,117 properties according to MKG Hospitality, consulting firm founded by Georges Panayotis. [Read our report].

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