In a hot market for South Florida hotels, a Miami hotel developer sold a majority stake in a trophy Fort Lauderdale property.
Gencom Group, a hotel developer and investor, sold an unspecified controlling share Tuesday in the Ritz-Carlton at 1 N. Fort Lauderdale Beach Blvd. for $45 million. The buyer, CWI-GG RCFL Property Owner LLC, is a joint venture between Gencom and New York real estate investment trust Carey Watermark Investors Inc., according to a statement from Carey Watermark.
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