Carey Watermark Investors Purchases The Ritz-Carlton, Fort Lauderdale Property in Joint Venture
July 1, 2015 12:31pm
NEW YORK, July 1, 2015 -- 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.
Michael Medzigian, Chief Executive Officer of CWI 1: "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. Additionally, working on our third transaction with Gencom in recent months for both CWI 1 and CWI 2, we were able to recapitalize the asset to fund an extensive renovation. Our acquisition of this uniquely positioned, soon-to-be-renovated, luxury hotel in the established Fort Lauderdale resort market continues to enhance the overall quality of our portfolio. We look forward to executing on additional value-add and cash flow-generating opportunities over the coming months and years."
This press release contains forward-looking statements within the meaning of the Federal securities laws. The statements of Mr. Medzigian, and statements regarding RevPAR growth projections and planned renovations, are examples of forward looking statements. A number of factors could cause actual results, performance or achievement to differ materially from those anticipated. Among those risks, trends and uncertainties are the risks related to the general economic climate, the supply of and demand for hotels, interest rate levels, the availability of financing, and other risks associated with the acquisition and ownership of hotels. For further information on factors that could impact CWI 1, reference is made to its filings with the Securities and Exchange Commission. Statements about past performance, which are presented for informational purposes only, are not a guarantee of future results.
Tags: carey watermark investors,
the ritz-carlton, fort lauderdale,
Contact: Kristina McMenamin
BENCHMARK®, A Global Hospitality Company, Makes Strategic Investment in UK's etc.venues
The Ritz-Carlton, Fort Lauderdale Names Master Chef Fabien Gnemmi as Food & Beverage Director
Gencom-Led Ownership Acquires Andaz Costa Rica Resort at Peninsula Papagayo
Gencom Acquires Rosewood Tucker's Point Resort In Bermuda; Plans $25M Renovation
Gencom Affiliate Acquires Costa Rica's Peninsula Papagayo, Including the 182-Key Four Seasons Papagayo Resort
Benchmark Resorts & Hotels and Gemstone Hotels & Resorts Join Together
Carey Watermark Investors Acquires The Equinox, A Luxury Collection Golf Resort & Spa in Vermont
Carey Watermark Investors Acquires Remaining Interest in Fairmont Sonoma Mission Inn & Spa
Historic 114-Room Ames Boston Hotel Acquired by Gencom to be Operated by Gemstone Hotels & Resorts
Carey Watermark Investors Acquires 176-key Le Meridien Dallas, The Stoneleigh in Uptown Dallas, TX
Gencom Acquires Ownership Interest in Gemstone Hotels & Resorts
The Ritz-Carlton Philadelphia Acquired by Carey Watermark Investors in Joint Venture
Carey Watermark Investors Acquires Hilton Garden Inn and Homewood Suites Midtown Atlanta in Georgia
Carey Watermark Investors Acquires Westin Pasadena for $142.5 Million
Carey Watermark Investors Acquires the 214-room Westin Minneapolis in Minnesota for $66.4 Million
Carey Watermark Investors Acquires the 104-key Staybridge Suites Savannah in Georgia for $23 Million
Carey Watermark Investors Acquires Sanderling Resort on North Carolina's Outer Banks for $38 Million
Carey Watermark Acquires 511-key Sawgrass Marriott Golf Resort & Spa in Ponte Vedra Beach, Florida
Carey Watermark Acquires Dual-Branded Hotel at Denver Downtown-Convention Center for $81.5 Million
Carey Watermark Investors Acquires the 256-room Boca Raton Marriott at Boca Center in Florida
Please login or register to post a comment.