July 23–The Ritz-Carlton Fort Lauderdale, which opened in 2007 as a St. Regis, has sold to new owners.
Affiliates of Gencom, a Miami company that owns other Ritz-Carlton hotels, and Atlanta-based Invesco Ltd. purchased the property from Castillo Grand, the company that developed the project at 1 N. Fort Lauderdale Beach Blvd. The hotel will remain a Ritz-Carlton.
Financial terms of the deal were not disclosed. HFF marketed the property on behalf of Castillo Grand.
The hotel, which has 166 rooms and suites and 34 condo-hotel units, was originally a St. Regis when it opened in 2007. But after St. Regis parent Starwood ended its management contract in 2008, Ritz-Carlton came on board as the operator. The developer was the victor in a lawsuit over the dispute, winning a $43 million judgment.
