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Blackstone Acquires W Fort Lauderdale From Related Companies For $97.6M

Property Image
SOLD
$97,600,000

Florida

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Hotel567,524 SF
Sold 05/01/2024
the dealdetailscomps
Property Image
SOLD

Blackstone Acquires W Fort Lauderdale From Related Companies For $97.6M

401 North Fort Lauderdale Beach Boulevard

See Similar Deals
Hotel567,524 SF
Sold 05/01/2024
the dealdetailscomps

Summary

FLORIDA
Asset Type:Hotel
Price Per Square Foot:$172
Total Square Footage:567,524 SF
Transaction Type:Sale

The W Fort Lauderdale hotel, located at 401 North Fort Lauderdale Beach Boulevard in Fort Lauderdale, was sold for $97.6 million. The property, featuring 346 rooms across 19 stories, spans a total of 567,524 square feet, with a price per square foot of $172.

Summary of transaction details:

  • Property Type: Hotel
  • Transaction Amount: $97,600,000
  • Buyer: Stephen A. Schwarzman - Blackstone
  • Seller: Stephen Ross - Related Companies
  • Keys: 346
  • Price per Key: $282,081

Related Companies, under the leadership of Stephen Ross, facilitated the sale of the W Fort Lauderdale hotel to Blackstone. This pivotal transaction highlights the significant role played by key industry figures such as Stephen A. Schwarzman and Stephen Ross in the realm of hotel property investments.

Details

SOLD
IMAGE: Stephen A. Schwarzman & Stephen Ross DATE: 05/01/2024 ADDRESS: 401 North Fort Lauderdale Beach Boulevard - W Fort Lauderdale MARKET: Fort Lauderdale ASSET TYPE: Hotel BUYER: Stephen A. Schwarzman - Blackstone (@Blackstone) SELLER: Stephen Ross - Related Companies (@RelatedCos) SALE PRICE: $97,600,000 KEYS: 346 ~ PPK: $282,081 SF: 567,524 ~ PPSF: $172 NOTE: Related Companies, led by Stephen Ross, sold the W Fort Lauderdale hotel to Blackstone for $97.6 million, according to property records. The 19-story oceanfront property, located at 401 North Fort Lauderdale Beach Boulevard, features 346 rooms and was sold at a significant discount from its previous asking price six years ago, though details on whether the purchase price included furnishings were not disclosed.

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Debt Service Coverage Ratio (DSCR)

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Cap Rate

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