New York investment firm acquires Ritz-Carlton

An investment trust has acquired a majority interest in the Ritz-Carlton Fort Lauderdale.

Real estate investment trust Carey Watermark Investors Inc. bought the stake in a joint venture with RCFL Holdco LLC, the New York-based company said this week. The price was not disclosed.

RCFL is an affiliate of Gencom, a Miamibased real estate and investment and development firm. Another Gemcom affiliate, RCFL Investor LLC, had purchased the Fort Lauderdale hotel in July 2013 for $65.7 million, according to Broward County property records.

The 24-story, 166-room upscale resort at 1 N. Fort Lauderdale Beach Blvd. is undergoing a nearly $9 million renovation that will result in a new restaurant and indoor/ outdoor bar, spa enhancements including new steam and sauna rooms and two new stores.