An affiliate of Miami-based Gencom Group and Invesco Ltd. acquired the 166-room Ritz-Carlton hotel at 1 N. Fort Lauderdale Beach Blvd. in Fort Lauderdale, FL from Castillo Grand LLC for $65.7 million, or approximately $396,000 per room. The hotel also has 28 third-party owned condo-hotel units that participate in the resort’s rental program.
The 14-story hotel building totals 402,360 square feet and sits on a 1.8-acre beachfront lot. Completed in 2007, the hotel initially operated under the St. Regis brand but was converted in 2008 to its current status flying the Ritz-Carlton flag. Its amenities include four food and beverage outlets with gourmet dining, a pool deck with private cabanas on the 7th floor, more than 24,000 square feet of meeting facilities, and an 8,500-square-foot spa. The building falls within the Downtown Fort Lauderdale submarket.
The HFF investment sales team represented the seller and was led by senior managing director Daniel Peek, executive managing director Manny de Zárraga, directors Max Comess and Paul Hsu, and analyst Chris Lingerfelt.
Please refer to CoStar COMPS #2796159 for more information on this transaction.