Written by Matthew Cannata
Stephen Ross, the owner of the Miami Dolphins, acquired the W Fort Lauderdale Hotel & Residences on July 17. The hotel, which was developed in 2009, features 171 condo-hotel units and 346 hotel rooms in two 23-story towers.
After several transactions, the Related Real Estate Recovery Fund, acquired the unsold condo-hotel units for $90 million dollars from Capri Resorts. The Related Real Estate Recovery Fund is part of Ross’ Related Companies in New York.
Ross became a billionaire in the real estate business and despite his ownership of the Miami Dolphins, he continues to oversee other business transactions to help make the rich even richer, especially himself.