Hodges Ward Elliott (“HWE”) is pleased to have represented RCFL Investor, LLC, an affiliate of Gencom, in the sale of a majority interest in the Ritz-Carlton, Fort Lauderdale (the “Ritz-Carlton”) to a joint venture of Carey Watermark Investors Incorporated (“CWI 1”) and Gencom Group. The Ritz-Carlton includes 166 hotel guest rooms, 34 third-party owned condominium hotel units (32 included in the hotel managed rental program) and 28 third-party owned residential units. The hotel features 25,000 square feet of meeting and function space, an 8,500 square foot spa, an outdoor infinity pool with a 29,000 square-foot pool deck, a fitness center, a business center and four managed food and beverage outlets. The hotel will continue to be operated by The Ritz-Carlton Hotel Company.
This transaction marks Cary 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. HWE represented Gencom affiliates in all three transactions
Hodges Ward Elliott is the leading hotel brokerage and investment-banking firm in the country providing total capital solutions, including hotel sales, recapitalizations and debt placement. Over the past 5 years, Hodges Ward Elliott has sold or financed more than $18 billion of hotels and resorts across the U.S. and Europe including nearly $3 billion since January 1, 2015.