W Hotel on 3101 Bayshore Dr. in Fort Lauderdale (Melanie Bell)
The owner of a Fort Lauderdale condo hotel has disposed of much of the property in a bulk sale at a steep discount from previous unit sales to New York-based Related Cos.
RRERF FL Condo Owner LLC, a new Delaware limited liability company linked to Related, paid $90 million for 147 condo-hotel units at the 24-story W Fort Lauderdale Hotel Residences at 3101 Bayshore Drive. That works out to just over $612,000 per unit in the transaction that closed Tuesday.
While only 24 one- and two-bedroom units had been sold since the condo-hotel opened in 2009, most of those sales ranged from $750,000 to $950,000.
The seller was Capri Resorts LLC, a company linked to South Florida developers John Yanopoulos and Reed Dale. According to the South Florida Sun-Sentinel, that company borrowed $430 million to build both the condo-hotel and the 346-room oceanfront hotel operated by Starwood Hotels & Resorts Worldwide Inc. next door at 401 N. Fort Lauderdale Beach Blvd.
Capri Resorts began marketing the 4½-acre hotel and condo property for sale in 2012.
The condo bulk sale was handled by CBRE Inc., which declined to comment on the transaction.
Real estate broker Investco Realty LLC filed a lawsuit July 8 against Capri and CBRE in Miami-Dade Circuit Court, claiming it was cheated out of our more than $4 million in commissions it should have received for the latest deal.
Investco claimed it linked Capri and Related but was cut out of the deal shortly afterward in favor of CBRE.