Gencom & Invesco Partner to Acquire The Ritz-Carlton, Fort Lauderdale, Florida
Miami, Florida (PRWEB) July 24, 2013 -- Affiliates of Gencom and Invesco Ltd. have partnered to complete the acquisition of The Ritz-Carlton Fort Lauderdale, today announced Gary Lake, EVP of Gencom.
The Ritz-Carlton Fort Lauderdale is a waterfront property located on Fort Lauderdale Beach Boulevard and consists of 166 hotel keys and 34 condo-hotel units. The property includes 4 food and beverage outlets, a Spa and Fitness Center, and 25,000 square feet of meeting space. Built in 2007 as a St. Regis branded resort, the resort was converted to a Ritz-Carlton in 2008.
Gencom, an owner and operator of other Ritz-Carlton hotels, will assume asset management responsibilities at the resort. Invesco Ltd. made their investment through Invesco Mortgage Recovery Fund, a fund co-managed by Invesco Real Estate, Invesco Fixed Income, and WL Ross & Co. LLC.
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About Gencom
Founded in 1987 by Karim Alibhai, Gencom is a leading domestic and international investment and development firm specializing in the hospitality and residential real estate sectors. By aligning itself with prominent investors and institutional relationships, Gencom has maintained a strong market position with both luxury and mixed-use hotels and resorts with significant residential components, and in other hospitality-related investments that include both portfolios and single assets. The firm continues to opportunistically grow its portfolio holdings in key resort and urban markets in the United States, Canada, Mexico, Caribbean and Europe. Gencom is headquartered in Miami.
About Invesco Ltd.
Invesco is a leading independent global investment firm, dedicated to helping investors worldwide achieve their financial objectives. By delivering the combined power of our distinctive investment management capabilities, Invesco provides a wide range of investment strategies and vehicles to our retail, institutional and high net worth clients around the world. Operating in more than 20 countries, the company is listed on the New York Stock Exchange under the symbol IVZ.
About Invesco Real Estate
Established in 1983, Invesco Real Estate manages $52.1 billion of real estate investments, which includes $30 billion in direct real estate portfolios and $22.1 billion in real estate securities (as of March 31, 2013). With more than 340 employees in 18 offices worldwide, the group focuses on top-down market and property type fundamentals combined with bottom-up local market intelligence. Senior members of the management team have worked together for more than 25 years, contributing to the consistent implementation of Invesco's investment strategy and resulting performance.
About WL Ross & Co.
WL Ross is an investment affiliate of Invesco Ltd. Led by renowned investor Wilbur Ross, Jr., WL Ross' investment team has accomplished more than $300 billion of workouts around the world over the last 30 years. WL Ross has sponsored and managed more than $10 billion of equity investments in distressed securities. Visit http://www.wlross.com.
About Invesco Fixed Income
Invesco Fixed Income manages more than $230 billion in fixed income assets (as of March 31, 2013). With more than 150 investment professionals, the group offers a complete range of global and domestic asset classes, from cash to alternative fixed income, that seek to outperform through a variety of market conditions. Its investment vehicle options include separate accounts, mutual funds, collective trust funds and exchange-traded funds.
Suzanne Schmidt, Kreps DeMaria, +1 (305) 663-3543, [email protected]
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