The Ritz-Carlton was the real estate deal of the year—actually two deals—totaling about $475 million.
In the larger of the two, a majority interest in the Ritz-Carlton Key Biscayne, Miami, was acquired by Carey Watermark Investors and Carey Watermark Investors 2, both nontraded real estate investment trusts in a joint venture with an affiliate of GB Key Biscayne Holdings, the original developer of the property. The reported purchase price for 302-room, 188-condo-hotel units was $325 million. The seller has not been disclosed.
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