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| Ritz-Carlton Fort Lauderdale, Fort Lauderdale, FL |
MIAMI, FL – HFF announced today that it has closed the sale
of the Ritz-Carlton Fort Lauderdale, a 166-room, luxury beachfront hotel
in Fort Lauderdale, Florida.
HFF marketed the
property on behalf of the seller. An
affiliate of Miami-based Gencom purchased the property. Ritz-Carlton will remain as manager of the
property.
Completed in 2007 as a St. Regis-branded property, the hotel was
converted in 2008 to the Ritz-Carlton and features 166 rooms and suites plus 28
third-party owned condo-hotel units that participate in the resort’s rental
program.
Resort amenities include four food and beverage outlets with
gourmet dining, a seventh-floor pool deck with private cabanas, more than
24,000 square feet of meeting facilities, an 8,500-square-foot spa, 24-hour
business center and valet parking service.
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| Manuel de Zarraga |
The Ritz-Carlton Fort Lauderdale is located on the
beachfront at 1 North Fort Lauderdale Beach Boulevard proximate to Las Olas
Boulevard and close to Fort Lauderdale-Hollywood International Airport and Port
Everglades. The property is the only
AAA Five Diamond-rated hotel in Broward County.
The
HFF investment sales team representing the seller was led by senior managing
director Daniel C. Peek, executive managing director Manny de
Zárraga, directors Max Comess and Paul Hsu and analyst Chris
Lingerfelt.
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| Max Comess |
“The
trade of the Ritz-Carlton Fort Lauderdale provides further evidence of the
recovery of the luxury lodging segment and increased investor appetite for
high-quality oceanfront resorts,” commented Daniel C. Peek, head of the
hospitality practice at HFF. “This was
an extremely complicated transaction and we congratulate all of the many stakeholders
involved.”
According to Smith Travel Research data, the luxury lodging
segment led the hospitality industry in the second quarter with 4.6 percent
growth in average daily rates and 6 percent growth in revenue per occupied room
compared to the same period in 2012.
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| Paul Hsu |
“As
unquestionably the top luxury property in Broward County, the Ritz-Carlton
benefits from Fort Lauderdale’s strong visitation due to expansions at Fort
Lauderdale International Airport and Port Everglades, as well as tourism
initiatives sponsored by the Greater Fort Lauderdale Convention and Visitors
Bureau,” added Max Comess, a director in HFF’s Miami office.
“In particular, we were impressed with the
strong turnout of international investors who would consider a major
acquisition in Fort Lauderdale, rather than their traditional focus on Miami
exclusively.”
HFF’s
hotel group announced the sale of the historic Haddon Hall Hotel in Miami Beach
earlier this week. Some of the firm’s
previous transactions in the Fort Lauderdale market include the sale of the
ground lease at the Marriott Harbor Beach Resort and Spa and the financing of
both the Sheraton and Westin hotels on Fort Lauderdale Beach.
For a complete copy of the company’s news release, please
contact:
Olivia Hennessey
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com
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