Stephen Ross Buys the W Hotel in Fort Lauderdale

stephen-ross-beachhigh.jpg
Wikimedia Commons
Stephen Ross doesn't want to spend his own money to renovate Sun Life Stadium because he's apparently too busy buying hotels.

Specifically, Ross' New York-based Related Cos. Related Fund Management is dropping a reported $90 million to buy the W Hotel & Residences in Fort Lauderdale.

The group says the hotel will remain the W, instead of being renamed after a beer or a bank or something like that.

See also: Miami Dolphins "Put the Cart Before the Horse," Says House Speaker Will Weatherford

The W, located at 401 N. Fort Lauderdale Beach Blvd. in Fort Lauderdale, is a 23-story, two-tower hotel that includes 346 rooms and 171 condo units.

The hotel has been around since 2009.

If you've never been there, the Fort Lauderdale W has a pretty sweet see-through pool.

pool-w.jpg
Wally Gobetz/Flickr

It was the condo units that were on the market for $90 million, but Joanna Rose, spokeswoman for Related Fund Management, says the group also purchased the hotel units. The amount for those units is undisclosed.

Ross has made a fortune in real estate -- enough to buy himself, as Pink Floyd would say, a football team.

Last year, he made headlines when he asked taxpayers to pick up some of the tab for $400 million worth of renovations to Sun Life Stadium. Ross was eventually shot down.

Ross tried again and again to sell taxpayers on the notion that taking their money to fix up the stadium was a good idea for the community -- even though pretty much every study on the subject showed that the opposite would be true. Coupled with the fact that the Miami Marlins essentially duped Miami-Dade County taxpayers into buying them their new stadium, Ross' dream of having other people pay for his stadium was all but dead.

Ross even made veiled threats of moving the team out of Miami.

But it would appear that those threats were empty, and Ross was forced to relent and announced that he'd now pay for the renovations himself.

As for his brand-new hotel, overall the hotel market has been so-so in South Florida lately, but there's obviously something to this purchase. While Ross has done a piss-poor job running the Dolphins, he seems to be a master at real estate. So one would have to assume he's made a tremendous investment here.

"The W Fort Lauderdale is a well-amenitized oceanfront property in a premier market, and we see great potential to add value through a well-executed upgrade and repositioning plan," Rose said via the Sun Sentinel.


Send your story tips to the author, Chris Joseph.
Follow Chris Joseph on Twitter



My Voice Nation Help
3 comments
bettyvsoto
bettyvsoto topcommenter

My last pay check was $8500 working 1o hours a week online. My younger brother friend has been averaging 12k for months now and he works about 22 hours a week. I cant believe how easy it was once I tried it out. This is what­ I do......


-------------> http://www.JOBS­700.com

Don Walters
Don Walters

Don't let facts get in the way of the anti-corporate, class warfare agenda of this "news" site.

Rachel R Levy Lewis
Rachel R Levy Lewis

But... didn't Stephen Ross just agree to pay for the whole renovation of the stadium in exchange for getting some kind of reimbursement/tax something or other from all future super bowls held at the stadium?

Now Trending

Miami Concert Tickets

From the Vault

 

Loading...