Related Fund Management Grabs Fort Lauderdale Condo Hotel for $90M
- Jul 23, 2014
An affiliate of Related Fund Management, headed by current Miami Dolphins owner Stephen Ross, has acquired the W Fort Lauderdale Hotel, an iconic 346-room hotel in South Florida, from Capri Resorts L.L.C., for $90 million.
In addition, the buyer also purchased the remaining 147 out of 171 total residential units within The Residences at W Fort Lauderdale. Only 24 one- and two-bedroom units had been sold since the condo-hotel opened in 2009.
CBRE Hotels and CBRE Multifamily Institutional Properties arranged the sale on behalf of the buyer. CBRE and The Ackman-Ziff Real Estate Group represented the seller.
“This record transaction represents the city’s growing caché, as well as the scarcity of beachfront property in one of South Florida’s most desirable destinations,” Robert Given, CBRE’s vice chairman, said in a company release.
Located at 3101 North Bayshore D., the property consists of twin 23-story towers stretching along a full oceanfront block in Fort Lauderdale. W Fort Lauderdale and The Residences at W Fort Lauderdale is a landmark property that is home to 346 hotel units in the East Tower and 171 residences in the West Tower.
“Related Fund Management is uniquely qualified to unlock this magnificent property’s potential as not just Fort Lauderdale’s leading hotel, but as a catalyst for Fort Lauderdale Beach becoming one of the world’s preeminent hotel, restaurant and entertainment destinations,” Robert Kaplan, Ackman-Ziff Real Estate’s principal, said in the release.
The neighboring towers sit on 4.54 acres of land and offer 20,000 square feet of meeting facilities, 5,500 square feet of outdoor event space and 15,000 square feet of commercial space.
On the residential side, units feature nine-foot floor-to-ceiling windows, Atlantic Ocean and Intracoastal Waterway views and Bang & Olufsen entertainment systems. All units have master bedrooms, which include a turquoise armchair and ottoman and a 42” LCD TV; a dining room table with seating for six, and a washer and dryer. The bathrooms feature designer-stone vanity tops, premium spa bathtub and separate shower.
The new owners are expected to keep the W Residences name in place. That hotel chain also has branches in 16 other cities around the world.