Stephen Ross Buys the W Hotel in Fort Lauderdale
Stephen Ross, best known to many Floridians as the owner of the Miami Dolphins and SunLife Stadium, has just added another property to his already impressive portfolio. Ross’ New York-based Related Cos. Related Fund Management has spent a reported $90 million to buy the W Hotel & Residences on Fort Lauderdale Beach. Open since 2009 and located across A1A from the sand at 401 N. Fort Lauderdale Beach Blvd., it is a 23-story, 2-tower Hotel and Residence, comprised of 346 rooms and 171 condo units. The group plans on maintaining the property as a W, a luxury brand recognized worldwide for their high-end hotels with outstanding service and amenities.
It was the condo units collectively that were on the market for $90 million, but Joanna Rose, spokeswoman for Related Fund Management, says the group also purchased the hotel units for an undisclosed amount. "The W Fort Lauderdale is a well-amenitized oceanfront property in a premier market, and we see great potential to add value through a well-executed upgrade and repositioning plan," Rose said via the Sun Sentinel.
We’re looking forward to seeing what additional benefits and amenities the W Hotel & Residences will bring to visitors and residents of Fort Lauderdale Beach, now that the new ownership is on board.
