MIAMI—Carey Watermark Investors just snapped up the Ritz-Carlton Key Biscayne in Miami in a joint venture with an affiliate of GB Key Biscayne Holdings. Financial terms of the deal were not disclosed.
GB is the original developer of the hotel asset, which includes 302 resort guestrooms and 188 condo-hotel units. One hundred seventy four of the condo-hotel units participate in the resort rental program.
Michael Medzigian, CEO of the CWI investment programs, said the joint venture allowed the company to add a AAA Four Diamond destination resort in a location with high barriers to entry to its portfolios. Indeed, with such a limited area and development limitations on the island, it would be nearly impossible at this point to develop a similar property on Key Biscayne.
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