Ritz carlton key biscayne miami11/6/2023 ![]() ![]() Management: The hotel will continue to be managed by The Ritz-Carlton Hotel Company, L.L.C., an affiliate of Marriott International.According to PKF, the Miami lodging market continues to show strength with projected annual RevPAR growth (revenues per available room) in the 5% range over the next several years. market in terms of overall RevPAR, after New York, Oahu and San Francisco. ![]() Strong Miami market: In 2014, Miami was the fourth highest U.S.An additional renovation of the guestrooms is planned for 2016-with all of the rooms and condo units scheduled to receive a full replacement of all soft goods, along with various bathroom upgrades, and a significant repositioning of its signature restaurant, Cioppino. Planned property enhancements: The resort, developed in 2001, has recently completed a full renovation of the lobby, two food & beverage outlets and spa.The adjacent island, Virginia Key, is home to the Miami Seaquarium. It hosts an international tennis center (home to the Miami Open tennis tournament) and a championship golf course, and provides the perfect location for numerous water sports and fishing. High quality resort destination: Key Biscayne is firmly established as a world-class resort community offering beautiful nature preserves, shopping villages, golden beaches and some of the most exclusive and expensive residential homes in South Florida.Due to limited area and significant development limitations on the island, it would be very challenging to develop a comparable property on Key Biscayne. The resort sits on 17 acres of oceanfront land. Unique Key Biscayne location with high barriers to entry: The property is located on Key Biscayne, an island approximately three miles off of the coast of Miami and 16 miles from Miami International Airport.The property includes 302 resort guestrooms and 188 condo-hotel units (174 of which currently participate in the resort rental program). Carey Watermark Investors Incorporated (CWI 1) and Carey Watermark Investors 2 Incorporated (CWI 2) acquired a majority interest in The Ritz-Carlton Key Biscayne, Miami (The Ritz-Carlton) in a joint venture with an affiliate of GB Key Biscayne Holdings, LLC, the original developer of the property.Ĭarey Watermark Investors Incorporated (CWI 1) and Carey Watermark Investors 2 Incorporated (CWI 2) acquired a majority interest in The Ritz-Carlton Key Biscayne, Miami (The Ritz-Carlton) in a joint venture with an affiliate of GB Key Biscayne Holdings, LLC, the original developer of the property.
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