Blackstone Buys W Fort Lauderdale in Multimillion-Dollar Deal to Steve Ross’s Related
May 3, 2024
After more than a decade under the ownership of Steve Ross’ Related Companies, the iconic W Fort Lauderdale has changed hands in a significant transaction. As indicated by records, New York-based Blackstone, spearheaded by CEO Stephen Schwarzman, has acquired the 346-key oceanfront hotel for a staggering $97.7 million.
This acquisition marks a notable move by Blackstone, paying approximately $282,225 per room for the hotel portion of the sprawling 3.8-acre property at 401 North Fort Lauderdale Beach Boulevard.
Initially completed in 2010, the W Fort Lauderdale comprises two impressive 23-story towers, which boast 171 condo units, according to records. Following Related Fund Management’s purchase of the property in 2014 for $90 million, a substantial $55 million renovation was undertaken to revitalize the hotel, culminating in its rebranding under the renowned W flag.
In 2018, Related listed the W Fort Lauderdale hotel for $275 million, coinciding with the firm’s refinancing of a $140 million loan secured against the property.
Blackstone’s recent acquisition of the W Fort Lauderdale aligns with its strategic divestment of significant portions of its South Florida hotel portfolio over the past few years. Notably, in August, Blackstone offloaded three Marriott-branded hotels in Miramar and Plantation for a combined sum of $64 million. The properties, totaling 393 rooms, found a new owner in New York-based Three Wall Capital.
Additionally, Blackstone made headlines last year when it sold two Hyatt-branded hotels in Dania Beach to Delray Beach-based Kolter Group for $40.1 million.
In 2022, Blackstone further reshaped its hotel portfolio in the region, parting ways with a Hampton Inn & Suites hotel in Tamarac, acquired by hotel investors Ramzan and Amin Gulamali for $17.8 million. Concurrently, Blackstone finalized the sale of three Motel 6 properties and two Studio 6 extended-stay hotels across Miami-Dade, Broward, and Palm Beach counties, collectively valued at $61 million, with Georgia-based Global Hotel Group stepping in as the buyer.
Beyond hotel assets, Blackstone has been actively involved in other commercial dealings within South Florida. In December, the firm concluded the sale of Pinebrook Pointe, a notable 394-unit apartment complex in Margate, with Coral Gables-based Bar Invest Group acquiring the multifamily project for $93 million.
