Carey Watermark Announces Investment In Ritz-Carlton, Fort Lauderdale Property

(RTTNews) - Carey Watermark Investors Incorporated announced 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.

Located on Fort Lauderdale Beach, the hotel is within proximity to leisure demand generators, including golf courses, shopping malls, museums, nightclubs and marinas. The Ritz-Carlton, Fort Lauderdale is minutes away from Fort Lauderdale-Hollywood International Airport and Port Everglades.

Carey Watermark said the transaction marks its third joint venture purchase with the Gencom family of companies, following The Ritz-Carlton, Philadelphia and The Ritz-Carlton, Key Biscayne, Miami, acquisitions. The three transactions represent a total investment of more than $500 million.

Carey Watermark Investors is a publicly registered REIT that was formed to make investments primarily in the lodging and lodging-related sectors. Affiliates of W. P. Carey Inc. and Watermark Capital Partners advise CWI 1 and manage its overall portfolio.