Affiliates of Gencom and Invesco Ltd. announced on Wednesday that they completed the acquisition of the 166-room The Ritz-Carlton Fort Lauderdale for US$66 million from Castillo Grand, Clearwater, Florida.
Gencom, Miami, is an owner and operator of other The Ritz-Carlton Hotel Co.-branded properties and will assume asset management responsibilities at the resort. Invesco Ltd., Atlanta, Georgia, made their investment through Invesco Mortgage Recovery Fund, a fund co-managed by Invesco Real Estate, Invesco Fixed Income, and WL Ross & Co. LLC.
The Ritz-Carlton Fort Lauderdale is a waterfront property located on Fort Lauderdale Beach Boulevard that includes 34 condo-hotel units. The property includes four food and beverage outlets, a spa and fitness Center, and 25,000 sq ft (2,322 sq m) of meeting space. Built in 2007 as a St. Regis Hotels & Resorts-branded resort, the resort was converted to Ritz-Carlton in 2008.
