Among
the noteworthy deals of the past week was Related Companies selling the W Fort
Lauderdale to Blackstone for $97.6 million.
FORT LAUDERDALE,
Florida — New York-based Related Companies has sold the 346-key W Fort
Lauderdale to Blackstone for $97.6 million ($282,000 per key), a big discount
to the asking price six years ago.
Blackstone
reportedly paid another $55 million for the hotel operations. Related Companies
and Related Fund Management bought the hotel in 2015 for a reported $90
million.
“This transaction
reflects our ability to play offense in today’s market and is a terrific
opportunity for our investors. We continue to have strong conviction in leisure
hospitality and travel and intend to expand our footprint in this sector,”
Blackstone said in a statement.
To download our list of deals from the past week in Excel format, click
here.