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
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