Miami Condo Market and Lifestyle Updates
Small Fortune Buys Miami Investor the Ritz-Carlton Fort Lauderdale

Small Fortune Buys Miami Investor the Ritz-Carlton Fort Lauderdale

by Sep Niakan | August 26, 2013

Backed by a partnership with Invesco and a $45 million loan from a group led by Sun Trust, Miami-based investor Karim Alibhai has purchased the Ritz-Carlton Fort Lauderdale luxury hotel for nearly $66 million. Located at 1 N. Fort Lauderdale Beach Boulevard, the oceanfront hotel sports 166 rooms and 28 third party-owned condo-hotel rental units. Alibhai’s Gencom Group has a quarter-century history of either buying or developing Ritz-Carlton and Hyatt properties.

But such a hefty investment was only made after careful consideration of potential returns. In fact, the hospitality industry was led by the luxury lodging segment in growth, during the second quarter of 2013, expanding at a clip of 4.6 percent for average daily rates and 6 percent in revenue per occupied room. The amenities are also befitting the kingly sum including four-star restaurants, private cabanas on the pool deck, over 24,000 square feet of meeting space, and an 8,500 square foot spa and business center.

Even though Fort Lauderdale is no Miami or Miami Beach when it comes to the hospitality business, the acquisition of the Ritz-Carlton is the second priciest hotel transaction in South Florida, topped only the sale of the Miami Beach Resort for $177 million this past March. The hotel originally opened under The St. Regis brand in 2007 but will apparently keep its Ritz-Carlton moniker under the management of its new owner.

Recent posts

Real Estate News

Could Cite in Edgewater Have New Hotel Neighbor?

by Sep Niakan | January 12, 2017

According to thenextmiami, a petition involving a 15 by 75 feet alley has sparked speculations that a brand new hotel could be coming to Edgewater. Why? Simply because this alley comes attached to a 7,875 sq. ft. plot located at 348 Northeast 20...

Real Estate News

Brickell Avenue Bridge Schedule, Traffic and Solutions -- All You Need To Know

by Sep Niakan | January 09, 2017

Ever tried driving from Brickell to Downtown Miami for lunch? Most Miamians dread the thought of catching the dreaded drawbridge, which opens every hour or half-hour during non-curfew hours to allow river traffic to pass under. So what’s...

Real Estate News

9 Positive Signs for the Miami Real Estate Market in 2017

by Sep Niakan | January 08, 2017

Last year’s headlines weren’t too kind to Miami with hurricanes, Zika warnings and falling sales painting a dark picture. However, with the elections finally done with, there are plenty of reasons to be optimistic about 2017: 1. ...

Real Estate News

Projects That Will Change the Way We Look at Wynwood, Forever!

by Sep Niakan | December 28, 2016

We all know Wynwood as the friendly, hipster neighborhood splashed with the best street art in the world. It’s where we all go for our art fix, browse far-out finds and linger around for a couple of craft beers. But, how about shopping,...